Saudi Arabia and India plan to sign a memorandum of understanding (MoU) for a defense alliance during the visit of Crown Prince Salman bin Abdulaziz, Deputy Premier and Minister of Defense, to New Delhi next month, a report said.

“Saudi Arabia and India have been able to make significant progress in their relationship over the past few years,” Indian Finance Minister P Chidambaram was quoted as saying in the Arab News report.

The defense pact will enable use and exchange of defense-related information, military training and education, as well as cooperation in areas varying from hydrography and security to logistics, said the report.

The joint commission meeting, co-chaired by Chidambaram and Commerce and Industry Minister Tawfiq Al-Rabiah, also called for “boosting cooperation in security fields, especially in the exchange of information to curb crime, money laundering and drug-trafficking”, according to the report.

Crown Prince Salman will be accompanied by a huge business delegation during his visit to India.

“I met with the crown prince this morning and we mutually agreed that the business community of the two countries could play a major role in further enhancing bilateral trade relations,” Chidambaram was quoted as at the Council of Saudi Chambers in the report.

“Now this visit will herald a new era in Indo-Saudi relations and would constitute a landmark in the development of increased understanding and cooperation between the two countries and creation of a mutually beneficial partnership,” Chidambaram added.

During the visit of the Crown Prince, the business delegation would look into major areas of possible investment in India; the Indian Finance Minister was quoted as saying.