Public Investment Fund invited to set up office in India
Principal Secretary to the Prime Minister Dr P.K. Mishra has reiterated the Indian Government’s firm intention to provide active support to US$100 billion Saudi investments that were committed during the visit of the Crown Prince and PM of Saudi Arabia Mohammed bin Salman Al Saud fsc.
Dr Mishra conveyed this commitment during the first meeting of the India-Saudi Arabia High-Level Task Force on Investments, which he had co-chaired with the Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz Al Saud on 28 July pmindia . The meeting was held in virtual mode.
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 nse.
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 public and private sector, including refining and petrochemical plants, new and renewable energy, power, telecom, innovation, among others bse .
The two sides had a detailed review of the measures aimed at promoting two-way investments investindia in a mutually beneficial manner.
An empowered delegation led by Secretary Petroleum mopng will visit Saudi Arabia for follow up discussions on the mutually beneficial investment in oil and gas sector.
The Saudi side was also invited to set up an office of the Public Investment 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 aramco .
The High-Level Task Force is a special body to facilitate bilateral investments following the decision taken by Prime Minister Narendra Modi and Crown Prince and Prime Minister Prince Mohammed bin Salman bin Abdulaziz Al Saud during the latter’s State Visit to India in September 2023 . It comprises of senior officials from both sides, including CEO Niti Aayog, Secretaries for Economic Affairs, Commerce, MEA, DPIIT, Petroleum and Natural Gas, Power from India. Fiinews.com
