India and Saudi Arabia Explore New Investment Frontiers

India and Saudi Arabia convened virtually to discuss strategic bilateral investments in public and private sectors, focusing on refining, petrochemical, and renewable energy. Co-chaired by India's Principal Secretary and Saudi Energy Minister, the task force aims to enhance mutual investments, reinforcing ties established during Crown Prince Mohammed bin Salman's 2023 visit.

In a significant move to bolster economic ties, India and Saudi Arabia on Sunday hosted a virtual meeting to discuss various opportunities for bilateral investments across diverse sectors. The dialogue, led by India's Principal Secretary to the Prime Minister PK Mishra and Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz Al Saud, focused on refining, petrochemical, renewable energy, and power.

The first-of-its-kind meeting, part of the India-Saudi Arabia High-Level Task Force on Investments, reviewed discussions by technical teams and reiterated the importance of promoting two-way investments beneficial to both nations. Discussions also covered opportunities in telecom, innovation, and power.

India reaffirmed its commitment to supporting the USD 100 billion Saudi investment pledged during Crown Prince Mohammed bin Salman's visit. Both sides agreed on regular consultations to finalize specific investment agreements, with an empowered delegation from India's Petroleum sector set to visit Saudi Arabia for follow-up talks. The Saudi side was also invited to establish an office for the Sovereign Wealth Fund PIF in India.

(With inputs from agencies.)