India, Saudi Arabia hold inaugural meeting of high-level task force on investments
Jul 30, 2024
New Delhi [India], July 31 : The first meeting of the India-Saudi Arabia High Level Task Force on Investments was held on Tuesday, wherein the two nations affirmed their commitment to bolster cooperation in the areas of petroleum, renewable energy, telecom and innovation.
The meeting was co-chaired by the Principal Secretary to Prime Minister Narendra Modi, PK Mishra, and Saudi Energy Minister, Prince Abdulaziz bin Salman bin Abdulaziz Al Saud in virtual mode, the Prime Minister's Office said in a press release.
The two sides reviewed the discussions held between the technical teams of the task force.
Constructive discussions were held on various opportunities for bilateral investments in diverse areas in the public and private sectors, including refining and petrochemical plants, new and renewable energy, power, telecom, and innovation, among others.
The two sides had a detailed review of the measures aimed at promoting two-way investments in a mutually beneficial manner.
Principal Secretary to PM, PK Mishra, reiterated the firm intention of the Government of India to provide active support to Saudi investments of the order of USD 100 billion that were committed during the visit of the Crown Prince and PM of Saudi Arabia, the release stated.
The two sides agreed to regular consultations between technical teams on both sides to take forward the discussions and reach an agreement on specific investments. An empowered delegation led by Secretary Petroleum will visit Saudi Arabia for follow-up discussions on the mutually beneficial investment in the oil and gas sector. The Saudi side was also invited to set up an office of the Sovereign Wealth Fund (PIF) in India.
The Principal Secretary also invited the Saudi Energy Minister to India for the next round of the meeting of the High Level Task Force.
The High-Level Task Force is a special body to facilitate bilateral investments following the decision taken by Prime Minister Shri Narendra Modi and Crown Prince and Prime Minister His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud during the latter's State Visit to India in September 2023, according to the PM Office.
It comprises senior officials from both sides, including CEO Niti Aayog, Secretaries for Economic Affairs, Commerce, MEA, DPIIT, Petroleum and Natural Gas, and Power from India.
