India and Saudi Arabia have concluded negotiations on a bilateral investment treaty, Finance Minister Nirmala Sitharaman announced after meeting her Saudi counterpart Mohammed Aljadaan on the sidelines of the AIIB annual meeting in Doha.

Both ministers welcomed the successful conclusion of the India-Saudi Arabia Bilateral Investment Treaty, which aims to provide a stronger and more predictable framework for investments and boost investor confidence, the finance ministry said.

Sitharaman described Saudi Arabia as a trusted and valued strategic partner, highlighting cooperation across defence, security, trade, investment, energy, technology, healthcare and education. Aljadaan congratulated India on its robust economic performance.

The Saudi minister said the kingdom looks forward to early implementation of the treaty and expressed keen interest in welcoming investments from India. Sitharaman also held bilateral meetings with ministers from Switzerland, Nepal and Jordan at the AIIB meet.

The treaty is expected to unlock new two-way investment flows once implemented, officials on both sides said after the meeting.