(MENAFN- KNN India)
New Delhi, Jul 29 (KNN) In a significant development for bilateral economic relations, India and Saudi Arabia convened the first virtual meeting of their newly established High-Level Task Force on investments.
The meeting, which took place on Sunday, focused on exploring various investment opportunities across public and private sectors in both nations.
Co-chaired by P.K. Mishra, Principal Secretary to the Indian Prime Minister, and Prince Abdulaziz bin Salman bin Abdulaziz Al Saud, Saudi energy Minister, the talks covered a wide range of potential investment areas.
These included refining and petrochemical plants, renewable energy, power, telecommunications, and innovation.
The Indian side reaffirmed its commitment to facilitate Saudi investments of approximately USD 100 billion, as pledged during the Saudi Crown Prince and Prime Minister's visit to India.
To further this goal, both parties agreed to maintain regular consultations between their technical teams.
In a move to advance discussions in the oil and gas sector, an empowered delegation led by India's Secretary of Petroleum is scheduled to visit Saudi Arabia.
Additionally, Saudi Arabia has been invited to establish an office for its Sovereign Wealth Fund, the Public Investment Fund (PIF), in India.
The High-Level Task Force, comprising senior officials from both countries, was formed following a decision by Indian Prime Minister Narendra Modi and Saudi Crown Prince Mohammed bin Salman during the latter's state visit to India in September 2023.
As the meeting concluded, the Saudi Energy Minister was invited to India for the next round of talks, signalling ongoing commitment to strengthening economic ties between the two nations.
This inaugural meeting marks a significant step in fostering closer economic cooperation and mutual investments between India and Saudi Arabia, potentially reshaping their bilateral relationship in the coming years.
(KNN Bureau)
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