ENA Global 2024-07-29 17:38:47 <p><span style="font-size:14px"><strong>New Delhi, Jul 29 (KNN)</strong> 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.</span></p> <p><span style="font-size:14px">The meeting, which took place on Sunday, focused on exploring various investment opportunities across public and private sectors in both nations.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">These included refining and petrochemical plants, renewable energy, power, telecommunications, and innovation.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">To further this goal, both parties agreed to maintain regular consultations between their technical teams.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">Additionally, Saudi Arabia has been invited to establish an office for its Sovereign Wealth Fund, the Public Investment Fund (PIF), in India.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 38787 https://knnindia.co.in/news/newsdetails/global/india-and-saudi-arabia-hold-inaugural-high-level-investment-task-force-meeting 2024-07-29 17:38:47 knnindia.co.in