India and Saudi Arabia on Sunday signed a Memorandum of Understanding (MoU) under which both nations agreed to exchange intelligence related to money laundering, terrorism financing and related crimes.
The MoU, which was signed between Financial Intelligence Units of both countries, was one of the five MoUs concluded during Prime Minister Narendra Modi`s visit to the nation.
The other MoUs include an agreement on labour cooperation between the Ministry of Labour of Saudi Arabia and Indian Ministry of External Affairs for the recruitment of general category workers. Besides, an MoU was also concluded on technical cooperation program between the Bureau of Indian Standards (BIS) and the Saudi Standards, Metrology and Quality Organisation (SASO).
Another MoU was signed in the field executive program for cooperation in the field of handicrafts between Indian Export Promotion Council for Handicraft (EPCH) and Saudi Commission for Tourism and National Heritage.
An understanding to create a framework for Investment Promotion Cooperation between India and the Saudi Arabian General Investment Authority (SAGIA) was also concluded.
Prime Minister Modi held delegation-level talks with Saudi Arabia`s King Salman bin Abdulaziz Al Saud in a move to cement new momentum in bilateral ties between both sides and expand cooperation in diverse areas including trade, investment and counter-terrorism.