Cabinet okays inking 3 MoUs with Saudi Arabia
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New Delhi: The Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday approved the signing of three Memorandums of Understanding (MoUs) with Saudi Arabia for strengthening cooperation in the fields of tourism, customs and investment.
The MoU would facilitate sharing information and expertise in tourism development, hotels, resorts and tourist accommodation facilities, tourism data and statistics, events and other tourism activities.
Saudi Arabia is one of the potential tourist markets for India from Middle East.
Another MoU is on establishing a mechanism for making investment in infrastructure in India, according to an official release.
The MoU will be a step forward in engaging with the institutions of Saudi Arabia to attract a potential investment into the infrastructure sector in the country.
It will lead to boosting infrastructure development in the country, creation of more jobs, growth of ancillary industries/ sectors which will lead to growth in GDP and overall economic prosperity.
The third MoU pertains to cooperation and mutual assistance in customs matters, said the release.
The Agreement will help in making available reliable, quick and cost-effective information and intelligence for the prevention and investigation of customs offences and apprehending of customs offenders.
The MoUs between the two countries are likely to be signed during the Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud's visit to India next week.
