India and Saudi Arabia have discussed various opportunities for bilateral investments in diverse areas, including refining, renewable energy and petrochemical plants. Both sides reviewed measures aimed at promoting two-way investments in a mutually beneficial manner at the first meeting of the India-Saudi Arabia High-Level Task Force on Investments, co-chaired by the Principal Secretary to the Prime Minister PK Mishra and the Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz Al Saud in the virtual mode yesterday. 

Mr. Mishra reiterated the firm intention of the Government of India to provide active support to Saudi investments of the order of 100 billion US Dollar that was committed during the visit of the Crown Prince and PM of Saudi Arabia. The two sides agreed to regular consultations between technical teams on both sides to take forward the discussions and reach an agreement on specific investments. Saudi Side was also invited to set up an office of the Sovereign Wealth Fund PIF in India. Additionally, the Principal Secretary invited the Minister of Energy of Saudi Arabia to India for the next round of the meeting of the High-Level Task Force.

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 Mohammed bin Salman bin Abdulaziz Al Saud during the latter’s State Visit to India in September 2023. It comprises senior officials from both sides, including CEO Niti Aayog, Secretaries for Economic Affairs, Commerce, MEA, DPIIT, Petroleum and Natural Gas, and Power from India.