India, Saudi hold first meeting of task force on investments

The first meeting of a high-level task force on investments between India and Saudi Arabia focused on opportunities for bilateral investments across sectors comprising refining and petrochemical plants, new and renewable energy, power, and telecom.

Both sides held an in-detail review of the measures aimed at promoting two-way investments, a government statement said.

The virtual meet was co-chaired by Prime Minister’s principal secretary P.K. Mishra and Saudi energy minister Abdulaziz bin Salman bin Abdulaziz Al Saud.

Mishra reiterated India’s intent “to provide active support” to Saudi investments to the tune of $100 billion, which were committed during crown prince and PM Mohammed bin Salman’s visit in September last year.”

The task force was set up during the Saudi crown Prince’s visit to facilitate bilateral investments.

It comprises senior officials including Niti Aayog chief executive, secretaries for economic affairs, commerce, ministry of external affairs, petroleum and natural gas, and power.

During the virtual meeting, Saudi Arabia was also invited to set up an office of Public Investment Fund (PIF), its sovereign wealth fund, in India.

Both sides agreed to regular consultations between technical teams on both sides to take forward the discussions and reach an agreement on specific investments.

A delegation from India led by petroleum secretary will visit Saudi Arabia for follow up discussions on the mutually beneficial investment in oil and gas sector, the government statement said.

During the meeting, Mishra also invited Saudi energy minister Abdulaziz for the next round of the meeting of the task force in India.