New Delhi, Nov 12 (UNI) Union Finance Minister Nirmala Sitharaman held a bilateral meeting with Khalid Al-Falih, Minister of Investment, Saudi Arabia, on Wednesday in New Delhi, with the talks focusing on negotiations on the Bilateral Investment Treaty (BIT) between the two countries.
According to a finance ministery post on X, the two sides emphasized on the need to conclude negotiations swiftly to unlock robust two-way foreign direct investment (FDI) and deepen economic cooperation.
During the meeting, Sitharaman highlighted that a modernized BIT framework would “strike the right balance safeguarding India’s policy space while ensuring that foreign investors have confidence in legal protections,” a stance she reiterated from her recent statements on revamping India’s model BIT to make it more investor-friendly.
Saudi Arabia is a key partner for India, being the fifth-largest trading partner and a major source of crude oil imports. The discussions come amid ongoing efforts to diversify and strengthen India’s economic ties with West Asia, particularly under the government’s push to attract $100 billion investments from the Gulf region in the coming years.
The two leaders also explored opportunities to expand cooperation in sectors such as renewable energy, infrastructure, and technology, building on the momentum of recent high-level engagements, including Prime Minister Narendra Modi’s state visit to Saudi Arabia earlier this year.
An early conclusion of the Bilateral Investment Treaty will not only boost two-way FDI but also open new avenues for collaboration across multiple sectors, said Minister Sitharaman after the meeting.
Al-Falih is also reported to have echoed the similar sentiment that Saudi Arabia remains committed to working closely with India to finalize the treaty at the earliest.
The talks are part of a broader diplomatic push by India to negotiate BITs with strategic partners, including the UK, Qatar, and the European Union, as part of its efforts to enhance the ease of doing business and attract sustained foreign investment.
Negotiations on the India-Saudi Arabia BIT have been progressing steadily, with both sides aiming to conclude the agreement by the first quarter of 2026.
