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PM Modi urges BRICS business leaders to invest in India

14
Nov '19
Indian Prime Minister Narendra Modi addressing the BRICS Business Forum, on the sidelines of BRICS Summit, in Brazil on November 13, 2019. Pic: PIB
Indian Prime Minister Narendra Modi addressing the BRICS Business Forum, on the sidelines of BRICS Summit, in Brazil on November 13, 2019. Pic: PIB
Urging business leaders of the BRICS group in Brasalia to invest in India, Prime Minister Narendra Modi said his country is the world's most ‘open and investment friendly’ economy due to political stability, predictable policy and business friendly reforms. The countries of the bloc are witnessing economic growth during global economic slowdown, he said.

The BRICS bloc consists of Brazil, Russia, India, China and South Africa.

India’s infrastructure alone requires an investment of $1.5 trillion for the country to turn a 5-trillion-dollar economy by 2024, he said at the BRICS Business Forum.

The prime minister said simplifying intra-BRICS business will increase mutual trade and investment, according to an official release.

"Tax and customs procedures between us five countries are getting easier. The business environment is getting easier with the collaboration between intellectual property rights, and banks. I request the BRICS Business Forum to study the necessary business initiatives to take full advantage of the opportunities thus generated," he said.

"I would also like to request that priority areas in business be identified among us for the next ten years and based on them blue print of Intra-BRICS collaboration should be made," Modi said.

"If one BRICS country has technology, the other is related to raw materials or markets. Such possibilities are especially in electric vehicles, digital technology, fertilizer, agricultural products, food processing. I would urge the forum to map such complementarities in five countries. I would also like to suggest that at least five such areas should be identified by the next BRICS Summit in which joint ventures can be formed between us on the basis of complementarities," he said.

There is a possibility of making travel, business and employment between the BRICS countries easier, he added.

Modi is in Brazil for the 11th BRICS Summit, which will focus on building mechanisms for counter-terrorism cooperation and strengthen India's ties with the world's five major economies.

Fibre2Fashion News Desk (DS)


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