India & Saudi Arabia Hold First Investment Task Force Meeting

GUWAHATI: India and Saudi Arabia recently held their first meeting of the 'India-Saudi Arabia High Level Task Force' on investments via a virtual conference.

In a statement from the Prime Minister's Office on Sunday, it was reported that the meeting involved constructive discussions on various opportunities for bilateral investments in different sectors, including refining and petrochemical plants, new and renewable energy, power, telecommunications, and innovation.

The meeting was co-chaired by the Prime Minister's Principal Secretary, P K Mishra, and the Saudi representative.

The two sides reviewed the discussions held between the technical teams of the Task Force and took a detailed look at measures to encourage two-way investments in a way that benefits both countries, according to the statement.

During the meeting, the Principal Secretary to the Prime Minister reaffirmed India's commitment to actively support Saudi investments of up to USD 100 billion, as pledged during the visit of the Saudi Crown Prince and Prime Minister.

The two sides agreed to have regular consultations between their technical teams to continue discussions and reach agreements on specific investments.

An empowered delegation, led by the Secretary of Petroleum, will visit Saudi Arabia for follow-up talks on investments in the oil and gas sector that would benefit both countries. The statement also mentioned that Saudi Arabia was invited to establish an office of its Sovereign Wealth Fund, PIF, in India.

The Principal Secretary also extended an invitation to the Saudi Minister of Energy to visit India for the next meeting of the High-Level Task Force.

This Task Force is a special group set up to encourage bilateral investments, following a decision made by Prime Minister Narendra Modi and Saudi Crown Prince and Prime Minister Mohammed bin Salman during his state visit to India in September 2023. The Task Force includes senior officials from both countries.

ALSO READ:

ALSO WATCH: