On Sunday, India and Saudi Arabia held their first meeting of the High-Level Task Force on Investments. The virtual meeting was co-chaired by India’s Principal Secretary to the Prime Minister, PK Mishra, and Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz Al Saud. The task force focused on exploring investment opportunities in both public and private sectors.
Diverse Investment Areas
The discussion covered a range of investment areas, including refining and petrochemical plants, new and renewable energy, power, telecom, and innovation. The task force reviewed measures to promote mutual investments and enhance bilateral economic relations.
Commitment to Saudi Investments
Mishra reaffirmed India’s commitment to supporting Saudi investments, highlighting the USD 100 billion investment pledge made during the Saudi Crown Prince’s visit to India. The two sides agreed to maintain regular consultations to advance discussions and finalize specific investment agreements.
Future Collaborations
An empowered delegation, led by the Secretary of Petroleum, will visit Saudi Arabia for follow-up discussions on oil and gas sector investments. Additionally, Saudi Arabia was invited to establish an office for its Sovereign Wealth Fund (PIF) in India.
Next Steps
The High-Level Task Force, formed following a decision by Prime Minister Narendra Modi and Saudi Crown Prince Mohammed bin Salman in September 2023, includes senior officials from both countries. The Principal Secretary to the PM has also invited the Saudi Energy Minister to India for the next meeting.
