New Delhi, Aug 27 - India is to ink a memorandum of understanding (MoU) with Namibia for investing in its lucrative mining sector, it was announced here Thursday.

The agreement will be signed during Namibian Prime Minister Nahas Angula's official visit here next week, an official said.

The cabinet, at its meeting chaired by Prime Minister Manmohan Singh here Thursday, approved the signing of the MoU.

'The MoU will provide the umbrella framework for mutual cooperation in the field of mining and will encourage and promote mutual cooperation between the two countries in this sector,' Information and Broadcasting Minister Ambika Soni told reporters after the cabinet meeting.

'As you are aware, Namibia has rich deposits of diamonds and other minerals,' she added.

Officials declined to give further details, saying these would be revealed after the MoU was signed.