The India-Saudi Arabia High-Level Task Force on Investments held its first meeting focusing on cooperation in areas such as petroleum, renewable energy, telecom, and innovation. The meeting was co-chaired by the Principal Secretary to Prime Minister Narendra Modi and the Saudi Energy Minister. Both sides discussed opportunities for investments in various sectors, including refining and petrochemical plants, new and renewable energy, power, telecom, and innovation.
The Government of India expressed its commitment to providing active support to Saudi investments worth USD 100 billion that were committed during the visit of the Crown Prince of Saudi Arabia to India. Both sides agreed to have regular consultations between their technical teams to move forward discussions and reach agreements on specific investments. An empowered delegation led by the Secretary of Petroleum will visit Saudi Arabia for follow-up discussions on potential investments in the oil and gas sector.
The High-Level Task Force is a special body established to facilitate bilateral investments following a decision taken during the State Visit of the Crown Prince of Saudi Arabia to India in September 2023. The Task Force includes senior officials from both countries, including CEO Niti Aayog, Secretaries for Economic Affairs, Commerce, MEA, DPIIT, Petroleum and Natural Gas, and Power from India. The Principal Secretary extended an invitation to the Saudi Energy Minister for the next round of meetings of the Task Force.
The meeting between the India-Saudi Arabia High-Level Task Force on Investments emphasized the need for increased cooperation between the two nations in various sectors. Both countries discussed opportunities for investments in public and private sectors, focusing on refining and petrochemical plants, new and renewable energy, power, telecom, and innovation. The Government of India reiterated its support for Saudi investments worth USD 100 billion and expressed its intention to provide active support for these investments.
The Task Force agreed to regular consultations between their technical teams to move forward discussions and reach specific agreements on investments. An empowered delegation will visit Saudi Arabia to further discuss potential investments in the oil and gas sector. The Task Force, comprising senior officials from both countries, including representatives from various ministries and departments, will continue to work towards facilitating bilateral investments and strengthening cooperation between India and Saudi Arabia.
Overall, the first meeting of the India-Saudi Arabia High-Level Task Force on Investments highlighted the strong commitment of both nations to enhance cooperation in various sectors. The focus was on promoting two-way investments in a mutually beneficial manner. Both sides discussed opportunities for investments in key areas such as petroleum, renewable energy, telecom, and innovation. The establishment of the Task Force and the commitment of both countries to support investments signify a positive step towards strengthening bilateral economic ties and fostering growth and development in both India and Saudi Arabia.
