Page 35 - NIS English 16-31 August 2024.pdf

Media Corner

India and Saudi Arabia

First meeting of

High-Level Task

Force on Investment

Saudi Arabia is one of the most important strategic partners of India. Bilateral relations
between these two countries have strengthened significantly in the last few years. Not
only this, the economic importance of the partnership between the two countries has also
increased in recent years. To further boost the relations, the first meeting of the India and
Saudi Arabia High-Level Task Force on Investment was held virtually on 28 July. It was
co-chaired by Prime Minister Narendra Modi's Principal Secretary Dr. PK Mishra and Saudi
Arabia's Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz Al Saud …..

he friendship between India and Saudi Arabia A High-Level Task Force formed to
Tis important for regional and global stability, facilitate bilateral investment
prosperity, and human welfare. Saudi Arabia is one of It is a special body to facilitate bilateral
the most important strategic partners for India. Moving investments following the decision taken by
forward in this direction, India and Saudi Arabia held Prime Minister Narendra Modi and Crown
the first meeting of the High-Level Task Force on Prince and Prime Minister His Royal Highness
various investment opportunities. Both sides reviewed Prince Mohammed bin Salman bin Abdulaziz
the discussions held between the technical teams of Al Saud during the latter’s State Visit to
the Task Force. Constructive discussions were held India in September 2023. It comprises senior
regarding various opportunities for bilateral investment officials from both sides, including CEO Niti
in various public and private sectors including refining Aayog, Secretaries for Economic Affairs,
and petrochemical plants, new and renewable energy, Commerce, MEA, DPIIT, Petroleum and
power, telecommunications, and innovation. Natural Gas, and Power from India.
Both sides agreed to have regular consultations
between technical teams to take the discussions forward India-Saudi have better relations
and reach a consensus on specified investments. A high- In the modern world, India and Saudi Arabia
powered delegation led by the Petroleum Secretary will share cultural experience, economic synergy,
visit Saudi Arabia for further discussions on mutually and shared commitment to a peaceful and
beneficial investments in the oil and gas sector. Saudi sustainable world making both countries
Arabia has also been invited to establish an office of partners. Saudi Arabia has a large number
Sovereign Wealth Fund PIF in India. of Indian immigrants who have been given
PK Mishra, Principal Secretary to Prime Minister a chance to flourish. Through their hard work
Modi invited the Energy Minister of Saudi Arabia to and professionalism, they have contributed
visit India for the next round of the High Level Task significantly to the development and
Force meeting. He reiterated the firm intention of the prosperity of Saudi Arabia.
Government of India to provide active support to Saudi
investments of the order of US$ 100 billion that were
committed during the visit of the Crown Prince and PM
of Saudi Arabia. n

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