Prime Minister Narendra Modi called India to be the world’s most “open and investment-friendly” economy, encouraging the business leaders present in the summit to invest in the nation’s infrastructure development during the 11th BRICS Summit held at Brazil’s Brasilia on Thursday.
Addressing the ceremony concluding the business summit, PM Modi said that the grouping of five countries, Brazil, Russia, India, China, & South Africa, had led to economic development despite the global economic slowdown. He also added that the nations should ponder on the mutual social security agreements. According to reports, the BRICS countries account for 50% of the world’s economic growth, i.e., a combined nominal GDP of $ 16.6 trillion.
“India is the world’s most open and investment-friendly economy due to political stability, predictable policy, and business-friendly reforms.”
Strengthening India’s global ties
The Indian Prime Minister rolled in suggestions for the next BRICS Summit, stating that at least five areas should be identified in which joint ventures can be formed between the countries based on complementarities.
He said that critical initiatives like innovation BRICS network & BRICS Institution for Future Network would be considered during the summit today. He also asked the private sector to join the human resource-focused efforts.
The two-day 11th BRICS Summit being held in Brazil will be focussing on building mechanisms for counter-terrorism cooperation & strengthen India’s ties with the world’s five influential economies.