India-Saudi Arabia High-Level Task Force Unveils $100 Billion Investment Ambitions

India and Saudi Arabia held their first 'High-Level Task Force' meeting virtually to discuss $100 billion in bilateral investments. The discussions emphasized sectors like petrochemicals, renewable energy, and innovation. Key officials committed to regular consultations and follow-up meetings to finalize detailed agreements.

India and Saudi Arabia conducted the inaugural virtual meeting of the 'India-Saudi Arabia High-Level Task Force' on investments, engaging in robust discussions about potential bilateral investments in a range of sectors including refining, petrochemicals, renewable energy, power, telecom, and innovation, according to the Prime Minister's Office on Sunday.

The meeting was co-chaired by P K Mishra, the PM's Principal Secretary, and Prince Abdulaziz bin Salman bin Abdulaziz Al Saud, the Saudi Energy Minister. Both sides reviewed the outcomes of prior technical discussions and examined measures to foster mutually beneficial two-way investments.

During the discussions, the PM's Principal Secretary reiterated India's commitment to supporting Saudi investments that could reach up to USD 100 billion. The participants agreed on the necessity of continuous consultations between technical teams from both nations to progress towards specific investment agreements.

A delegation led by the Secretary of Petroleum is set to visit Saudi Arabia for follow-up talks on mutual oil and gas investments. Saudi representatives were also invited to establish a Sovereign Wealth Fund PIF office in India. Additionally, the Principal Secretary extended an invitation to Saudi Arabia's Energy Minister to visit India for the next High-Level Task Force meeting.

This task force was established to streamline bilateral investments as decided during the state visit of Saudi Crown Prince and PM Mohammed bin Salman to India in September 2023. It includes senior officials from both nations, such as the CEO of Niti Aayog and Secretaries for various economic and energy departments from India. (ANI)

(With inputs from agencies.)