On Sunday, India and Saudi Arabia explored various opportunities for bilateral investments across multiple sectors, including refining, petrochemical plants, new and renewable energy, and power. This discussion took place during the inaugural meeting of the India-Saudi Arabia High-Level Task Force on Investments. 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 task force reviewed progress from technical team discussions, focusing on promoting mutual investments in both the public and private sectors. The sectors discussed included refining, petrochemicals, renewable energy, power, telecom, and innovation. The aim was to enhance two-way investments that benefit both countries.
PK Mishra highlighted India’s dedication to backing Saudi investments, especially the $100 billion pledged during the recent visit of the Saudi Crown Prince and Prime Minister. Both parties 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 will visit Saudi Arabia for further discussions on oil and gas sector investments. Additionally, Saudi Arabia was invited to establish an office for the Sovereign Wealth Fund PIF in India.
The Principal Secretary also extended an invitation to the Saudi Energy Minister to attend the next High-Level Task Force meeting in India. This task force was established following agreements made during the state visit of Saudi Crown Prince Mohammed bin Salman to India in September 2023. It includes senior officials from both nations, such as the CEO of Niti Aayog and secretaries from various Indian ministries.
