BRICS nations contribute to half of global economic development: PM Modi

WION Web Team New Delhi, Delhi, India Nov 14, 2019, 10.45 PM(IST)

Prime Minister Narendra Modi addresses during the Dialogue with BRICS Business Council and New Development Bank in Brasilia. Photograph:( ANI )

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PM Modi urged the business leaders of the BRICS nations to invest in India, particularly in its infrastructure development.

Prime Minister Narendra Modi on Thursday said that BRICS nations contribute to half of global economic development. 

"BRICS nations contribute 50% to the economic development of the world. Despite global recession BRICS nations have contributed to economic development and brought crores of people out of poverty," said PM Modi at BRICS business forum.

Addressing the Dialogue with BRICS Business Council and New Development Bank, Prime Minister Modi urged the BRICS Business Council to create a roadmap to achieve the USD 500 billion intra-BRICS trade target by the next summit.

Calling India a land of limitless opportunities, the prime minister urged the business leaders of the BRICS nations to invest in India, particularly in its infrastructure development.

"India is the world's most open and investment-friendly economy due to political stability, predictable policy and business-friendly reforms," Modi said.

“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,” Modi said while speaking at the BRICS Business Forum here.

“Intra-BRICS business and investment targets should be ambitious. Your suggestions will be helpful to further reduce the cost of trade between us,” he told the forum.

He also urged the BRICS business leaders to identify the priority areas in business for the next ten years and make a blueprint of it.

According to the BRICS joint statement, the five countries look forward to the opening of the two remaining NDB Regional Offices in Russia and India in 2020.

(With inputs from agencies)