In a significant move to boost bilateral investments, the first meeting of the India-Saudi Arabia High Level Task Force on Investments was held virtually today. The meeting was co-chaired by the Principal Secretary to the Prime Minister of India, Dr. P.K. Mishra, and the Saudi Energy Minister, His Royal Highness Prince Abdulaziz bin Salman bin Abdulaziz Al Saud.
Key Discussions and Areas of Focus
During the meeting, the two sides reviewed the progress made by the technical teams of the Task Force. They engaged in constructive discussions on various opportunities for bilateral investments in both the public and private sectors. Key areas of focus included refining and petrochemical plants, new and renewable energy, power, telecom, and innovation.
The discussions emphasized the importance of fostering two-way investments that would be mutually beneficial. Dr. P.K. Mishra reiterated the Indian Government's firm intention to actively support Saudi investments amounting to USD 100 billion, a commitment made during the visit of the Saudi Crown Prince and Prime Minister to India in September 2023.
Future Plans and Commitments
To further these discussions, both sides agreed on the necessity of regular consultations between their technical teams to reach specific investment agreements. An empowered delegation, led by the Secretary of Petroleum, will visit Saudi Arabia for follow-up discussions on investments in the oil and gas sector.
In addition, the Saudi side was invited to set up an office of the Sovereign Wealth Fund PIF (Public Investment Fund) in India, to facilitate smoother investment processes.
Next Steps
The Principal Secretary invited the Saudi Minister of Energy to India for the next round of meetings of the High Level Task Force. This Task Force was established to facilitate bilateral investments, following the decision taken by Prime Minister Narendra Modi and Saudi Crown Prince and Prime Minister Prince Mohammed bin Salman during the latter’s State Visit to India in September 2023.
Task Force Composition
The High-Level Task Force includes senior officials from both sides. From India, the Task Force comprises the CEO of Niti Aayog, Secretaries for Economic Affairs, Commerce, the Ministry of External Affairs (MEA), the Department for Promotion of Industry and Internal Trade (DPIIT), Petroleum and Natural Gas, and Power.
The successful conclusion of this first meeting marks a significant step forward in strengthening the investment ties between India and Saudi Arabia, paving the way for substantial economic collaboration in the future.