First meeting of India and Saudi Arabia Invester
India and Saudi Arabia on Sunday discussed various opportunities for bilateral investment in diverse sectors in the public and private sectors. India and Saudi Arabia on Sunday discussed various opportunities for bilateral investment in diverse sectors in the public and private sectors, including refining and petrochemical plants, new and renewable energy and power.
They reviewed measures to promote two-way investments in a mutually beneficial manner at the first meeting of the India-Saudi Arabia High Level Task Force on Investment, co-chaired by PK Mishra, Principal Secretary to the Prime Minister, and Prince Abdulaziz bin Salman bin Abdulaziz Al Saud, Saudi Energy Minister, in virtual mode.
A statement issued by the Prime Minister’s Office
A statement issued by the Prime Minister’s Office said the two sides reviewed the discussions held between the technical teams of the Task Force. Constructive discussions were held on various opportunities for bilateral investment in diverse sectors in the public and private sectors, including refining and petrochemical plants, new and renewable energy, power, telecommunications, innovation, etc, the statement said. The two sides also held a detailed review of measures aimed at promoting two-way investments in a mutually beneficial manner.
Mishra reiterated the firm intention of the Indian government to provide active support to the USD 100 billion Saudi investments announced during the visit of the Saudi Crown Prince and Prime Minister. The two sides agreed on regular consultations between the technical teams of the two sides to take forward the discussions and reach consensus on specific investments, the statement said.
An empowered delegation led by the Petroleum Secretary will visit Saudi for follow-up discussions on mutually beneficial investments in the oil and gas sector, it said. The Saudi side was also invited to establish an office of sovereign wealth fund PIF in India, the statement said.
High Level Task Force a special body
The High Level Task Force is a special body created to facilitate bilateral investments following the decision taken by Prime Minister Narendra Modi and Crown Prince and Prime Minister His Royal Highness Prince Mohammad bin Salman bin Abdulaziz Al Saud during his State visit to India in September 2023.
It comprises senior officials from both sides, including the CEO of Niti Aayog, Secretaries of India’s Ministries of Economic Affairs, Commerce, External Affairs, DPIIT, Petroleum and Natural Gas, Power.
The two sides reviewed the discussions held between the technical teams of the Task Force and took a detailed review of measures aimed at promoting two-way investments in a mutually beneficial manner, the statement said.
Visit of Crown Prince and Prime Minister
During the meeting, the Principal Secretary to the Prime Minister reiterated the firm intention of the Government of India to provide active support to the Saudi investments of US$ 100 billion committed during the visit of the Crown Prince and Prime Minister of Saudi Arabia.
The two sides agreed on regular consultations between the technical teams of the two sides to take the discussions forward and reach consensus on specific investments. An empowered delegation led by the Petroleum Secretary will visit Saudi Arabia for follow-up discussions on mutually beneficial investments in the oil and gas sector. The Saudi side has also been invited to establish an office of the Sovereign Wealth Fund PIF in India, the statement said.
Decisions taken during the State visit to India
The Principal Secretary also invited the Saudi Energy Minister to India for the next round of the High Level Task Force meeting. The High Level Task Force is a special body to facilitate bilateral investments following the decision taken by Prime Minister Narendra Modi and Crown Prince and Prime Minister Prince Mohammad bin Salman bin Abdulaziz Al Saud during his State visit to India in September 2023.
It comprises senior officials from both sides, including the CEO of Niti Aayog, Secretaries of Economic Affairs, Commerce, External Affairs, DPIIT, Petroleum and Natural Gas and Power of India.
The two sides reviewed the discussions held between the technical teams of the Task Force
Constructive discussions were held on various opportunities for bilateral investment in the public and private sector in various sectors, including refining and petrochemical plants, new and renewable energy, power, telecommunications, innovation, etc. The two sides undertook a detailed review of measures aimed at promoting two-way investments in a mutually beneficial manner.
The Principal Secretary to the Prime Minister reiterated the firm intention of the Government of India to provide active support to the Saudi investment of US$ 100 billion committed during the visit of the Crown Prince of Saudi Arabia and the Prime Minister.
The two sides agreed on regular consultations between the technical teams of the two sides to take the discussions forward and reach agreement on specific investments. An empowered delegation led by the Petroleum Secretary will visit Saudi for follow-up discussions on mutually beneficial investments in the oil and gas sector. The Saudi side was also invited to establish an office of the Sovereign Wealth Fund PIF in India.
Conclusion
According to a statement issued by the Prime Minister’s Office on Sunday, constructive discussions were held on various opportunities for bilateral investment between the public and private sectors in diverse sectors, including refining and petrochemical plants, new and renewable energy, power, telecommunications and innovation, etc.
