India and Saudi Arabia Explore Bilateral Investment Opportunities in High-Level Task Force Meeting
New Delhi: On Sunday, India and Saudi Arabia engaged in discussions on enhancing bilateral investments across various sectors during the inaugural meeting of the India-Saudi Arabia High-Level Task Force on Investments. The virtual meeting was co-chaired by Principal Secretary to the Prime Minister PK Mishra and Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz Al Saud.
The task force reviewed ongoing discussions by technical teams and explored investment opportunities in areas such as refining and petrochemical plants, new and renewable energy, power, telecom, and innovation. Both sides focused on measures to promote mutually beneficial investments.
Mishra reaffirmed India’s commitment to actively support Saudi investments, including the USD 100 billion pledged during the recent visit of Saudi Crown Prince and Prime Minister Mohammed bin Salman. The task force agreed to maintain regular consultations between technical teams to advance discussions and finalize specific investments.
A delegation led by the Secretary of Petroleum will travel to Saudi Arabia for further talks on oil and gas sector investments. Additionally, Saudi Arabia was invited to establish an office of its Sovereign Wealth Fund, PIF, in India.
The next meeting of the High-Level Task Force will be hosted in India, with the Saudi Energy Minister invited to attend. This task force, established following the September 2023 state visit of Crown Prince Mohammed bin Salman to India, aims to facilitate and enhance bilateral investments. It includes senior officials from both countries, such as the CEO of NITI Aayog and various secretaries from Indian ministries.
