July 31, 2024
2 mins read

India, Saudi Arabia hold high-level meeting on investments

The two sides reviewed the discussions held between the technical teams of the task force….reports Asian Lite News

The first meeting of the India-Saudi Arabia High Level Task Force on Investments was held on Tuesday, wherein the two nations affirmed their commitment to bolster cooperation in the areas of petroleum, renewable energy, telecom and innovation.

The meeting was co-chaired by the Principal Secretary to Prime Minister Narendra Modi, PK Mishra, and Saudi Energy Minister, Prince Abdulaziz bin Salman bin Abdulaziz Al Saud in virtual mode, the Prime Minister’s Office said in a press release.

The two sides reviewed the discussions held between the technical teams of the task force.

Constructive discussions were held on various opportunities for bilateral investments in diverse areas in the public and private sectors, including refining and petrochemical plants, new and renewable energy, power, telecom, and innovation, among others.

The two sides had a detailed review of the measures aimed at promoting two-way investments in a mutually beneficial manner.

Principal Secretary to PM, PK Mishra, reiterated the firm intention of the Government of India to provide active support to Saudi investments of the order of USD 100 billion that were committed during the visit of the Crown Prince and PM of Saudi Arabia, the release stated.

The two sides agreed to regular consultations between technical teams on both sides to take forward the discussions and reach an agreement on specific investments. An empowered delegation led by Secretary Petroleum will visit Saudi Arabia for follow-up discussions on the mutually beneficial investment in the oil and gas sector. The Saudi side was also invited to set up an office of the Sovereign Wealth Fund (PIF) in India.

The Principal Secretary also invited the Saudi Energy Minister to India for the next round of the meeting of the High Level Task Force.

The High-Level Task Force is a special body to facilitate bilateral investments following the decision taken by Prime Minister Shri Narendra Modi and Crown Prince and Prime Minister His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud during the latter’s State Visit to India in September 2023, according to the PM Office.

It comprises senior officials from both sides, including CEO Niti Aayog, Secretaries for Economic Affairs, Commerce, MEA, DPIIT, Petroleum and Natural Gas, and Power from India. (ANI)

ALSO READ: UP passes bill to award life term for unlawful conversions

Previous Story

Tahiliani Reimagines Couture with ‘Otherworldly’ Showcase

Next Story

US Senators push sanctions for China if Taiwan is invaded

Latest from -Top News

US government shuts down, early deal unlikely

A bitter funding clash between President Trump and Democrats has triggered a government shutdown, paralysing services, fuelling partisan blame, and reviving fears of prolonged political dysfunction. The United States has entered a

PLA at 76: The Party’s Army, Not the People’s

At 76 years old, the PLA continues to exemplify how authoritarian regimes pervert military institutions, creating forces that serve narrow political interests rather than constitutional democracy, writes Major General RPS Bhadauria (Retd)

Why China’s National Day is no celebration for Asia

Whilst China’s leadership celebrates another year of Communist rule, Asia’s democracies are tallying the mounting costs of Beijing’s repressive policies at home and aggressive adventurism abroad, writes Colonel Danvir Singh (Retd) As

Trump’s 20 points to peace in Gaza

Trump unveils 20-point Gaza peace plan with Netanyahu’s backing, offering hostages’ release, technocratic rule, and global oversight, as Hamas faces pressure to accept or risk further war. US President Donald Trump has

Trump Urged to Back Baloch Rights in Pakistan

The letter urged President Trump to recognise the Baloch people’s right to self-governance and to raise his voice against the alleged atrocities committed by the Pakistani military…reports Asian Lite News In a
Go toTop

Don't Miss

Modi Meets Lula, Eyes Closer Ties

Modi said that both India and Brazil place a high

Goa okays investment proposals worth Rs 64 crore

State Industries Minister Mauvin Godinho had recently launched ‘Goa Industrial