by admin | May 25, 2021 | Business, Economy, Investing, Markets, News, SMEs
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.
—IANS
by admin | May 25, 2021 | Business Summit, Events
Andhra Pradesh Chief Minister N Chandrababu Naidu and Union Finance Minister Arun Jaitley at the 22nd CII Partnership Summit in Visakhapatnam
Visakhapatnam:(IANS) Andhra Pradesh has signed MoUs with various companies involving investment of about Rs.4 lakh crore during the first two days of CII Partnership Summit here, officials said on Monday.
While 32 MoUs envisaging investment of Rs.1.95 lakh crore were signed on Sunday, 245 pacts for an equal investment were inked on the second day.
The total investment is expected to create employment for over 1.5 lakh people.
The state was expecting MoUs worth Rs.2 lakh crore during the three-day event, but the response was beyond its expectations. A state minister said by the end of the summit the total committed investment may exceed Rs.5 lakh crore.
On the second day, 15 MoUs were signed for an investment of Rs.66,600 crore in energy and infrastructure. MoUs worth Rs.5,992 crore were signed in food processing sector while four MoUs were inked in retail sector involving an investment of Rs.1,500 crore.
Andhra Bank signed MoU with the state government for providing Rs.5,000 crore loan for development of state capital Amaravati. Another agreement was signed for building world trade centre in the capital at a cost of Rs.800 crore.
As many as 63 IT companies have come forward to set up their operations in the state with an estimated investment of Rs.3,368 crore.
Amara Raja Group has come forward to invest Rs.5,000 crore in the state.
The MoUs involving huge investment include Rs.38,500 crore by Visakhapatnam Steel Plant.
In energy sector alone, 22 MoUs worth Rs.1.55 lakh crore were signed on Sunday. The proposed power plants will generate 17,472 MW.
The other major pacts inked by the state include the one with Anil Ambani-led Reliance Group which has come forward to develop a naval shipbuilding facility here with an investment of Rs.5,000 crore.
The state also signed an MoU with Bharat Forge, which will develop Rs.1,200 crore integrated auto component park in Nellore district.
