India and Saudi Arabia held the inaugural meeting of the High-Level Task Force on Investments on Sunday, exploring numerous investment opportunities across various sectors. The discussion focused on public and private sector investments, including refining and petrochemical plants, renewable energy, and power.

The virtual meeting was co-chaired by Principal Secretary to the Prime Minister PK Mishra and Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz Al Saud. The agenda included reviewing measures to promote bilateral investments in a mutually beneficial manner, as detailed in a statement from the Prime Minister’s Office.

The task force reviewed prior discussions between technical teams from both countries and identified potential investment areas such as telecom and innovation. Mishra emphasized India’s commitment to supporting Saudi investments amounting to USD 100 billion, as pledged during the recent visit of Saudi Crown Prince Mohammed bin Salman and Prime Minister Narendra Modi.

Both sides agreed to maintain regular consultations between their technical teams to advance discussions and finalize specific investment agreements. An Indian delegation led by the Secretary of Petroleum is scheduled to visit Saudi Arabia for further talks on investments in the oil and gas sector. Additionally, Saudi Arabia was invited to establish an office for its Sovereign Wealth Fund PIF in India.

The High-Level Task Force was established following the September 2023 state visit of Saudi Crown Prince Mohammed bin Salman to India, aimed at facilitating bilateral investments through senior officials from both nations.

Source: Hindustan Times