Prime Minister Narendra Modi on Thursday said India is the world’s most open and investment friendly economy due to political stability, predictable policy and business friendly reforms.
Addressing the BRICS Business Forum, on the sidelines of BRICS Summit in Brazil, Mr Modi suggested that the five countries — Brazil, Russia, India, China and South Africa — should also consider a Mutual Social Security Agreement.
He pointed out that BRICS countries account for 50% of the world’s economic growth. Despite recession at the global level, BRICS countries accelerated economic growth, drove millions out of poverty and achieved new breakthroughs in technology and innovation.
He sought the suggestions from member counries to further reduce the cost of trade between them. By the next BRICS Summit, at least five areas should be identified in which joint ventures can be formed between the BRICS countries on the basis of complementarities, he added.
The Prime Minister said that Important initiatives such as innovation BRICS Network, and BRICS Institution for Future Network will be considered for discussions during the summit on Friday. He requested the private sector to join these efforts focused on human resources.
