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India is the most open and investment friendly economy in the world: PM Modi

Prime Minister Narendra Modi emphasized the need to pay special attention to the bilateral trade and investment between the BRICS countries and urged the countries to develop a strategy for managing water and sanitation challenges. Prime Minister Modi addressed the BRICS Business Forum separately at the BRICS Summit in Brazil on Thursday. Heads of the BRICS countries also spoke at the business forum.

On the occasion, Prime Minister Modi said that the BRICS countries account for 50% of the world's economic development. He said that despite global recession, BRICS countries have accelerated the pace of economic development, raised millions above the poverty level and made new advances in technology as well as innovation.

The Prime Minister expressed the desire that the BRICS should be the target of trade and investment between the countries. He called for proposals of these countries to further reduce the cost of trade between the BRICS countries. The Prime Minister also suggested that at least 5 areas should be identified in relation to joint ventures between the BRICS countries until the next BRICS summit.

The Prime Minister said that important steps like the Innovation BRICS Network and the BRICS Institution for Future Network should be considered during the top meeting. He called on the private sector to join these efforts focused on human resources. He also suggested that 5 countries should also consider a mutual, social security agreement. The Prime Minister said that due to political stability and business reform, India has become the most open and investment friendly economy in the world.

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