Brasalia: India is the world’s most ‘open and investment friendly’ economy, Prime Minister Narendra Modi said here Wednesday as he wooed the BRICS (Brazil, Russia, India, China and South Africa) business leaders, urging them to invest in the country and take advantage of its ‘limitless’ possibilities and ‘countless’ opportunities.
Addressing the closing ceremony of the BRICS Business Forum, Prime Minister Modi said the grouping of five countries had led to economic development despite the global slowdown.
“India is the most open and investment friendly economy in the world due to political stability, predictable policy and business friendly reforms. By 2024, we want to make India a five trillion dollar economy. The infrastructure alone requires USD 1.5 trillion investment,” Modi said.
The prime minister also urged the BRICS business leaders to take advantage of the opportunities in India. “I invite the business of BRICS countries to build and grow their presence in India,” Modi said.
“BRICS countries account for 50 per cent 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. Now 10 years after the founding of BRICS, this forum is a good platform to consider the direction of our efforts in the future,” added the Indian prime minister.
Modi pointed out that simplifying intra-BRICS business will increase mutual trade and investment.
“Tax and customs procedures between us five countries are getting easier. The business environment is getting smooth 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.
The prime minister said the market size, diversity and complementarities of the members of the BRICS countries were very beneficial to each other and urged the forum to map such complementarities in the five countries.
“If one BRICS country has technology, the other is related to raw materials or markets. Such possibilities are especially in electric vehicles, digital technology, fertilizer, agricultural products, food processing. I would urge the forum to map such complementarities in five countries. I would also like to suggest that at least five such areas should be identified by the next BRICS Summit in which joint ventures can be formed between us on the basis of complementarities,” Modi informed.
The prime minister said there was a possibility of making travel, business and employment between the BRICS (Brazil, Russia, India, China and South Africa) countries more easy. He also thanked President of Brazil, Jair Bolsonaro for his government’s decision to give Indians visa-free entry in his country.