India and Saudi Arabia Hold High-Level Task Force Meeting on Investments

India and Saudi Arabia held the inaugural virtual meeting of the High-Level Task Force on Investments.

The discussions focused on exploring and promoting investment opportunities in both the public and private sectors, a significant step towards strengthening bilateral economic ties.

During the meeting, both sides explored a range of investment opportunities in various sectors, including:
Refining and Petrochemical Plants: Opportunities for collaboration in the oil and gas sector.
New and Renewable Energy: Exploring sustainable energy solutions and innovations.
Power: Enhancing energy cooperation and infrastructure development.

It was created to facilitate bilateral investments after a decision by Prime Minister of India and Crown Prince of Saudi Arabia during his State Visit to India in September 2023.
It includes senior officials from both countries, such as the CEO of Niti Aayog and Secretaries from various Indian ministries like Economic Affairs, Commerce, MEA, DPIIT, Petroleum and Natural Gas, and Power.

Telecom and Innovation: Promoting advancements in technology and communication.

Both sides reviewed the ongoing discussions among technical teams, emphasizing the importance of mutual investments.
The Indian government reiterated its commitment to supporting Saudi investments worth $100 billion, as promised during the visit of the Saudi Crown Prince and Prime Minister to India.

An empowered delegation led by the Secretary of Petroleum from India is scheduled to visit Saudi Arabia for follow-up discussions, focusing on the oil and gas sector.
The Saudi Sovereign Wealth Fund PIF was invited to establish an office in India, which would facilitate closer cooperation and investment monitoring.
The principal secretary extended an invitation to the Saudi Energy Minister for the next round of meetings, indicating a strong commitment to continuing these high-level dialogues.