India and Saudi Arabia on Sunday mentioned varied alternatives for bilateral investments in numerous areas in the private and non-private sectors, together with refining and petrochemical vegetation, new and renewable power, and energy.
They reviewed measures geared toward selling two-way investments in a mutually useful method on the first assembly of the India-Saudi Arabia Excessive-Degree Job Drive on Investments, co-chaired by the Principal Secretary to the Prime Minister PK Mishra and the Saudi Power Minister Prince Abdulaziz bin Salman bin Abdulaziz Al Saud within the digital mode.
The 2 sides reviewed the discussions held between the technical groups of the duty pressure, an announcement issued by the Prime Minister’s Workplace right here mentioned.
Constructive discussions have been held on varied alternatives for bilateral investments in numerous areas in the private and non-private sector, together with refining and petrochemical vegetation, new and renewable power, energy, telecom, innovation, amongst others, the assertion mentioned.
The 2 sides had an in depth assessment of the measures geared toward selling two-way investments in a mutually useful method.
Mishra reiterated the agency intention of the federal government of India to offer lively help to Saudi investments of the order of USD 100 billion that have been dedicated through the go to of the crown prince and prime minister of Saudi Arabia.
The 2 sides agreed to common consultations between technical groups on either side to take ahead the discussions and attain an settlement on particular investments, the assertion mentioned.
An empowered delegation led by Secretary Petroleum will go to Saudi Arabia for follow-up discussions on the mutually useful funding within the oil and fuel sector, it mentioned
The Saudi facet was additionally invited to arrange an workplace of the Sovereign Wealth Fund PIF in India, the assertion mentioned.
The principal secretary to the PM invited the minister of power of Saudi Arabia to India for the subsequent spherical of the assembly of the Excessive-Degree Job Drive.
The Excessive-Degree Job Drive is a particular physique to facilitate bilateral investments following the choice taken by Prime Minister Narendra Modi and Crown Prince and Prime Minister His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud through the latter’s state go to to India in September 2023.
It contains senior officers from either side, together with CEO Niti Aayog, secretaries for Financial Affairs, Commerce, MEA, DPIIT, Petroleum and Pure Fuel, Energy from India.