Developing India’s investment infra and customs affair, Saudi style..!

The Union Cabinet chaired by Prime Minister Narendra Modi approved important signings of Memorandum of Understanding between India and Saudi Arabia.

India and Saudi Arabia have enjoyed a strong diplomatic and long economic relationship. The two parties now desiring to strengthen and further develop the established relationship have signed a Memorandum of Understanding between the Ministry of Tourism, Government of India and the Saudi Commission for Tourism and National Heritage of the Kingdom of Saudi Arabia for strengthening cooperation in the field of Tourism.

As Saudi Arabia is one of the potential tourists generating market for India from Middle East, the signing of Memorandum of Understanding with Saudi Arabia will be instrumental in increasing arrival from this source market.

Exchanging information and expertise in Legislations in the tourism development, Hotels, resorts and tourist accommodation facilities, Tourism data and statistics, Exhibition events and other tourism activities in States of the Parties, Tourism development, planning and investment is the main objective of the memorandum. Exchanging media publications, tourism related films, and encourage exchanging of visits between experts and tourism media representatives in the States of the Parties.

Signing of memorandum on cooperation and mutual assistance in Customs Matters was also approved by the cabinet. 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 cabinet has also approved MoU on establishing a mechanism for investment Infrastructure in Indian which 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.

COURTESY :- NEWS BHARATI