The government Wednesday approved the signing of Memorandum of Understanding between India and Saudi Arabia on establishing a mechanism for investment in infrastructure.
The MoU will be a step forward in engaging with the institutions of Saudi Arabia to attract a potential investment into the infrastructure sector, an official statement said.
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 over all economic prosperity.
In another decision, the Cabinet cleared the signing of Memorandum of Understanding between India and Saudi Arabia on cooperation and mutual assistance in Customs matters.
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.
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