Finance
The first meeting of the India-Saudi Arabia High Level Task Force on Investments, co-chaired by the Prime Minister’s Principal Secretary, H.E. Dr. P.K. Mishra, and Saudi Energy Minister, His Royal Highness Prince Abdulaziz bin Salman bin Abdulaziz Al Saud, was conducted today in virtual mode.
The two sides studied the conversations between the Task Force’s technical teams.
Constructive conversations were held about numerous potential for bilateral investments in the public and commercial sectors, such as refining and petrochemical facilities, new and renewable energy, power, telecom, and innovation, among others.
The two parties discussed the steps aimed at encouraging two-way investments in a mutually beneficial manner.
The Principal Secretary to the Prime Minister emphasized the Government of India’s firm intention to actively support Saudi investments in the order of $100 billion committed during the Crown Prince and Prime Minister of Saudi Arabia’s visit.
The two sides agreed to hold regular contacts between their technical teams in order to move the discussions forward and reach an agreement on particular investments. An authorized group lead by Secretary Petroleum will visit Saudi Arabia to continue discussions on mutually beneficial investments in the oil and gas sector. The Saudi side was also invited to open an office for the Sovereign Wealth Fund PIF in India.
Principal Secretary welcomed Saudi Arabia’s Minister of Energy to India for the next round of the meeting of the High Level Task Force.
The High-Level Task Force was established to facilitate bilateral investments following a decision made 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. It is made up of senior officials from both sides, including CEO Niti Aayog, Secretaries for Economic Affairs, Commerce, MEA, DPIIT, Petroleum and Natural Gas, and Power from India.
