India, Brunei sign bilateral investment agreement

New Delhi, May 22 : India and Brunei have signed an agreement on bilateral investment promotion and protection.

Finance Minister P. Chidambaram and his visiting Brunei counterpart Pehin Dato Rahman Ibrahim signed the agreement in New Delhi today.

Both also signed a memorandum of understanding on cooperation in the fields of culture, art, mass media and sports.

The Tourism and Culture Minister Mrs. Ambika Soni and Brunei's Foreign Affairs and Trade Minister Pehin Dato Lim Jock Seng were present at the signing of the pact.

Under it, a Joint Consultative Committee will be set up to carry out the provisions of MoU that includes cultural exchanges between the sports and cultural institutions of the two countries.

The MoU will be valid for five years and it has provision for automatic renewals.

The two sides will also be signing two more MoUs one on Information and Communication and Technology and the other one on Trade and Economic Cooperation.

The signing of the agreements are taking place during the visit of Sultan of Brunei Haji Hassanal Bolkiah Mu'lzzaddin Waddaulah to India.

The Sultan of Brunei is scheduled to go to Bangalore tomorrow where he will visit ISRO and some IT establishments before flying back home.

The visiting dignitary held talks with the Prime Minister Dr. Manmohan Singh yesterday where several issues, including bilateral and regional matters came up for discussions.

ANI