Colombo, June 20 (Daily Mirror) - Sri Lanka and the Kingdom of Saudi Arabia have agreed to enter into a Memorandum of Understanding (MoU) in a bid to bolster economic ties and attracting direct investments.

The MoU, signed during a special meeting of the World Economic Forum in Riyadh, Saudi Arabia, on April 28th and 29th, 2024, marks a pivotal moment in the bilateral relations between the two nations.

The agreement was inked by Sri Lanka's Minister of Foreign Affairs in the presence of global leaders and economic stakeholders.

Key provisions of the MoU include collaborative efforts towards policy and legal reforms aimed at creating a conducive environment for investments. In addition, both nations intend to focus on upgrading infrastructure facilities and streamlining bureaucratic processes to facilitate smoother business operations.

The Cabinet of Ministers has endorsed the MoU, viewing it as a critical step towards harnessing foreign direct investment (FDI) to drive sustainable economic development.