India and Saudi Arabia Hold First High-Level Task Force Meeting on Investments
New Delhi [India], July 29: India and Saudi Arabia held their first virtual meeting of the ‘India-Saudi Arabia High Level Task Force’ on investments. The meeting was co-chaired by India’s Principal Secretary P K Mishra and Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz Al Saud.
Constructive discussions were held on various opportunities for bilateral investments in diverse areas such as refining and petrochemical plants, new and renewable energy, power, telecom, and innovation. Both sides reviewed the discussions held between the technical teams of the Task Force and measures aimed at promoting two-way investments.
The Principal Secretary to the PM reiterated India’s firm intention to support Saudi investments of USD 100 billion, committed during the visit of the Crown Prince and PM of Saudi Arabia. The two sides agreed to regular consultations between technical teams to reach an agreement on specific investments.
An empowered delegation led by the Secretary of Petroleum will visit Saudi Arabia for follow-up discussions on investments in the oil and gas sector. Saudi Arabia was also invited to set up an office of the Sovereign Wealth Fund PIF in India. The Principal Secretary invited the Saudi Energy Minister to India for the next round of the High-Level Task Force meeting.
The High-Level Task Force was established following the decision by PM Narendra Modi and Crown Prince and PM Prince Mohammed bin Salman during his state visit to India in September 2023. It includes senior officials from both countries, such as the CEO of Niti Aayog and Secretaries for Economic Affairs, Commerce, MEA, DPIIT, Petroleum and Natural Gas, and Power from India.
Doubts Revealed
High-Level Task Force -: A High-Level Task Force is a group of important people from different places who come together to solve big problems or make important plans.
Investments -: Investments are when people or countries put money into something, like a business, to help it grow and make more money in the future.
Virtual meeting -: A virtual meeting is when people talk and see each other using the internet, instead of meeting in person.
Principal Secretary -: A Principal Secretary is a very important government official who helps make big decisions and plans.
Saudi Energy Minister -: The Saudi Energy Minister is the person in charge of all the energy resources, like oil and gas, in Saudi Arabia.
Sectors -: Sectors are different parts of the economy, like farming, technology, or healthcare.
Delegation -: A delegation is a group of people chosen to represent their country or organization in discussions or meetings.
Sovereign Wealth Fund -: A Sovereign Wealth Fund is a big pot of money that a country saves and invests to make more money for the future.
