New Delhi [India], April 23 (ANI): India and Saudi Arabia affirmed their desire to complete negotiations on the Bilateral Investment Treaty at the earliest, the joint statement at the conclusion of the State Visit of Prime Minister Narendra Modi to the Middle East nation asserted. India and Saudi Arabia are working on a Bilateral Investment Treaty. Both leaders - PM Modi and Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia -- noted with satisfaction the progress made in the discussions under the High-Level Task Force (HLTF), constituted in 2024 for promoting investment flows between the two countries. Building on the endeavor of Saudi Arabia to invest in India in multiple areas including energy, petrochemicals, infrastructure, technology, fintech, digital infrastructure, telecommunications, pharmaceuticals, manufacturing and health, it was noted that the High-Level Task Force came to an understanding in multiple areas which will rapidly promote such investment flows. The two leaders noted the agreement in the High-Level Task Force to collaborate on establishing two refineries. The progress made by this Task Force in areas such as taxation was also a major breakthrough for greater cooperation in the future. 'The two sides affirmed their desire to complete negotiations on the Bilateral Investment Treaty at the earliest,' the joint statement read.

During the meeting Thursday evening, both sides welcomed the growth of the economic relationship, trade and investment ties between India and Kingdom of Saudi Arabia in recent years.

The Indian side congratulated the Saudi side for the progress achieved on the goals under Vision 2030.

The Saudi side expressed appreciation for India's sustained economic growth and the goal of Viksit Bharat or becoming a developed country by 2047.

'Both sides agreed to work together in areas of mutual interests to fulfill respective national goals and achieve shared prosperity,' the joint statement read.

Further, the two sides affirmed their commitment to strengthening their direct and indirect investment partnership.

They commended the outcomes of the Saudi-India Investment Forum, held in New Delhi in September 2023, and the active cooperation it achieved between the public and private sectors from both countries.

They also commended the expansion of investment activities by Indian companies in the Kingdom and appreciated the role of the private sector in enhancing mutual investments.

The two sides valued the activation of the Framework of Cooperation on Enhancing Bilateral Investment between Invest India and Ministry of Investment of Saudi Arabia. Both sides agreed to facilitate enhanced bilateral cooperation in the startup ecosystem, contributing to mutual growth and innovation.

In the field of Energy, the Indian side agreed to work with the Kingdom to enhance the stability of global oil markets and to balance global energy market dynamics. They emphasised the need to ensure the security of supply for all energy sources in global markets.

They agreed on the importance of enhancing cooperation in several areas in the energy sector, including the supply of crude oil and its derivatives including LPG, collaboration in India's Strategic Reserve Program, joint projects across the refining and petrochemical sector, including manufacturing and specialized industries, innovative uses of hydrocarbons, electricity, and renewable energy, including completing the detailed joint study for electrical interconnection between the two countries, exchanging expertise in the fields of grid automation, grid connectivity, electrical grid security and resilience, and renewable energy projects and energy storage technologies, and enhancing the participation of companies from both sides in implementing their projects.

The two sides emphasised the importance of cooperation in the field of green or clean hydrogen, including stimulating demand, developing hydrogen transport and storage technologies, and exchanging expertise and experiences to implement best practices.

The two sides also acknowledged the need to work on developing supply chains and projects linked to the energy sector, enabling cooperation between companies, enhancing cooperation in the field of energy efficiency, rationalising energy consumption in the buildings, industry, and transportation sectors, and raising awareness of its importance.

Both sides expressed satisfaction at the steady growth in bilateral trade in recent years with India being the second largest trading partner for Saudi Arabia; and Saudi Arabia being India's fifth largest trading partner in 2023-2024.

Both sides agreed to further enhance co-operation to diversify their bilateral trade. In this regard, both sides agreed on the importance of increasing visits by business and trade delegations, as well as holding trade and investment events. Both sides reiterated their desire to commence negotiations on the India-GCC FTA.

Bilateral trade ties have grown steadily over the years.

India is the second-largest trade partner of Saudi Arabia, whereas Saudi Arabia is the fifth-largest trading partner of India.

In 2023-24, bilateral trade totalled USD 42.98 billion, comprising USD 11.56 billion in Indian exports and USD 31.42 billion in imports. (ANI)