The first meeting of the India-Saudi Arabia High Level Task Force on Investments, co-chaired by Dr. P.K. Mishra, Principal Secretary to the Prime Minister H.E. and Saudi Energy Minister His Royal Highness Prince Abdulaziz bin Salman bin Abdulaziz Al Saud, was held on July 28, 2024, in virtual mode, informed Prime Minister’s office, PIB.
The press release stated that the two sides discussed the reviews on the progress made by their technical teams and to bring out varying opportunities for “bilateral investments in diverse areas in public and private sector, including refining and petrochemical plants, new and renewable energy, power, telecom, innovation, among others.”
Further, PM’s Principle Secretary reaffirmed the initial commitment of India’s government to actively support Saudi Arabia’s investments of the order of US$ 100 billion that was made during the visit of the Crown Prince and PM of Saudi Arabia.
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During the course of the meeting, the two mutually agreed on “regular consultations between technical teams on both sides to take forward the discussions and reach an agreement on specific investments.”
Following up with the agreement, an empowered delegation led by Secretary Petroleum will visit Saudi Arabia for follow up discussions on the mutually beneficial investment in oil and gas sector, stated the press release.
Further, India invited Saudi Side to set up an office of the Sovereign Wealth Fund PIF in India. Meanwhile, Principal Secretary also invited the Minister of Energy of Saudi Arabia 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 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 comprises of senior officials from both sides, including CEO Niti Aayog, Secretaries for Economic Affairs, Commerce, MEA, DPIIT, Petroleum and Natural Gas, Power from India,” remarked PM’s office.
