India, along with Canada's richest province, Ontario, has signed a Memorandum of Understanding (MoU) on Thursday to enhance cooperation and investment in geology and mineral resources.

It is a happy occasion for both the countries as the MoU will enable a Canadian investment for mining and mineral evacuation purposes, and will also aid in the transfer of technology and joint ventures.

India is looking forward to work jointly with Ontario under the MoU objectives, and start their action within a proposed specific timeline.

The MoU has helped India and Ontario realize their similar mutual interests in the mining sector, thereby collaborating in matters of geosciences development, mineral exploration, etc. and other value-added processes.

The MoU will help Ontario and India make strong their existing trade relationships and also further develop new ones.

This MoU is said to be a significant milestone for India and Ontario to make mutual benefits and grab as much advantage as possible from the minerals sector.