India is one of the most open, investment-friendly nations: PM Modi

Prime Minister Narendra Modi has said India is one of the world’s most open and investment-friendly nations due to business-friendly reforms, political stability and predictable policy. 

Addressing the Leaders Dialogue with BRICS Business Council and New Development Bank at Brasilia, Mr Modi invited business leaders to invest in India. He said that BRICS economic cooperation will be strengthened only by the full cooperation of the Council and NDB for which a partnership agreement between the two will be very useful. 

Earlier addressing the plenary session of the 11th BRICS Summit, the Prime Minister lauded successful 10 years of establishment of BRICS. Prime Minister said that BRICS nations should think of more effective cooperation for the next 10 years and called for an efficient and outcome-driven BRICS mechanism for this. Mr Modi said that the BRICS nations need to focus more on intra BRICS trade and investment as it is only 15 per cent of the world trade. Prime Minister expressed hope that MOU between trade promotion agencies of BRICS will help achieving the target of 500 billion US dollars intra BRICS trade.

The Prime Minister said that the menace of terrorism has resulted in the loss of one trillion dollars to the world economy. He appreciated the first seminar on BRICS Strategies for Countering Terrorism and expressed hope that such activities along with five working groups on



terrorism will boost the BRICS Security Cooperation. 

After concluding his visit to Brazil last night, the Prime Minister said in a tweet that BRICS Summit in Brazil was a very productive one and the leaders had fruitful dialogues on cementing ties in trade, innovation, technology and culture. He said the focus on futuristic subjects will surely lead to deeper cooperation that will benefit the people of our respective nations. 

 

Prime Minister suggested the identification of at least five areas for a joint venture between the BRICS nations before the next BRICS Summit. He suggested that a roadmap for Intra-BRICS trade to the tune of 500 billion dollars may be made by BRICS business council by identifying the economic complementarities. 

He also proposed to share best practices from small and medium enterprises, Harnessing the agro-tech start-up network and a Hackathon in India on Apps working in healthcare. He urged the BRICS countries and NDB to join and strengthen the Coalition for Disaster Resilient Infrastructure. 

He also proposed to hold first BRICS water minister meet in India to find solutions for sustainable water management and sanitation issues. He said that visa and mutual recognition of social security agreements and qualification will create a conducive environment for trade and tourism between the people.