Thursday, January 12 2006 16:01 Hrs (IST) - World Time -

New Delhi: Government today (Jan 12, 2006) gave its nod for signing an accord with Saudi Arabia to promote and protect investments from either country.

The decision comes ahead of the visit of Saudi King Abdullah who will be the chief guest at this year's Republic Day celebrations.

The Bilateral Investment Promotion and Protection Agreement was finalised during talks held here in September last year between the two sides, Information and Broadcasting Minister Priyaranjan Dasmunsi told reporters here after a meeting of the Union Cabinet.

He said under the provisions, 'investment' is defined as "every kind of asset, including intellectual property rights in accordance with the laws and regulations of the country in which the investment is made".