Prime Minister Narendra Modi addressed the BRICS Business Council in Brazil in the wee hours of November 14. During his address, PM Modi highlighted the progress made by the BRICS countries despite the recession in the world. PM Modi also mentioned that the countries have made several achievements in technology and innovation.
Addressing the BRICS Business forum PM Modi said, "BRICS countries account for 50% of the world's economic growth. Despite the recession in the world, BRICS countries accelerated economic growth, drove millions out of poverty and achieved new breakthroughs in technology and innovation. By making the Intra-BRICS business easier our trade and investment will grow. Between us, five nations tax and customs are getting easier. Intellectual property rights are also making the business environment easier in the countries. I request the business forum that they should take advantage of such situations and take steps to improve the business overall."
Further giving suggestions for a better trade experience PM Modi said, "Intra-BRICS trade and investment targets should be more ambitious. Your suggestions would be useful to further reduce the cost of trade between us. We can make a blueprint for the next Intra-BRICS forum by using those suggestions. Our market size and diversity in the markets is a profitable situation for the BRICS countries. I would also like to suggest that by the next BRICS Summit, at least five such areas should be identified in which joint ventures can be formed between us on the basis of complementarities."
"Important initiatives such as innovation BRICS Network and BRICS Institution for Future Network will be considered during tomorrow's summit. I request the private sector to join these efforts focused on human resources. Young generations should be involved as they give power to such initiatives," he added.
Lastly concluding his speech PM Modi said, "I thank the President of Brazil, Jair Bolsonaro for the decision to give Indians visa-free entry in the country. BRICS nations (Brazil, Russia, India, China, & South Africa) should deliberate on a social security agreement."
PM Modi also invited the BRICS nations to invest in the country. PM Modi said, "As you are aware of India's progress in the world economy, India has ranked 63rd position in the 'Ease of Doing Business'. India is the world's most open and investment-friendly economy due to political stability, predictable policy, and business-friendly reforms."