India and Saudi Arabia held their inaugural meeting of the ‘India-Saudi Arabia High-Level Task Force’ on investments via a virtual conference on Sunday. The meeting was co-chaired by Dr. P.K. Mishra, Principal Secretary to the Indian Prime Minister, and Prince Abdulaziz bin Salman bin Abdulaziz Al Saud, the Saudi Energy Minister.
India and Saudi Arabia discussed various opportunities for bilateral investments in diverse areas in the public and private sectors, including refining and petrochemical plants, new and renewable energy, and power.
The discussions were centered around detailed reviews by the task force’s technical teams, focusing on potential investments in various sectors like refining, petrochemicals, renewable energy, power, telecommunications, and innovation. Both sides showed interest in fostering investments that benefit both economies.
Dr. Mishra reaffirmed India’s strong commitment to supporting Saudi investments worth $100 billion, as promised during the Crown Prince’s visit. The meeting concluded with a decision for ongoing consultations between the technical teams from both countries to finalize specific investment agreements.
Furthermore, an empowered delegation led by the Secretary of Petroleum will embark on a mission to Saudi Arabia to advance discussions on collaborative investments in the oil and gas sector. In a reciprocal move, Saudi Arabia has been invited to establish an office of its Sovereign Wealth Fund, the Public Investment Fund (PIF), in India.
Dr. Mishra also extended an invitation to Prince Abdulaziz to visit India for the subsequent round of the task force meetings, emphasizing the importance of sustained high-level engagement.