Brasilia: Prime Minister Narendra Modi on Thursday called for simplifying the intra-BRICS business which in turn will increase mutual trade and investment among the five member nations of the grouping.
“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,” Mr 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 blue print of it.
“BRICS’ market size, diversity and complementarities are very beneficial to each other. For example, if there is technology in one BRICS country, then in other are present the related raw materials or markets. Such possibilities are especially present in electric vehicles, digital technology, fertilizer, agricultural products, food processing, etc. I would urge the Forum to map such complementarities in five countries,” Mr Modi said.
He appealed for identifying five complementarities areas by the next BRICS Summit in which joint ventures can be formed.
He also appreciated Brazilian President Jair Bolsonaro for giving visa free entry to Indian citizens.
“There are possibilities of making tourism, business and employment between our countries more easy. I thank the President of Brazil for giving the visa free entry to Indians. We five countries should also consider mutual Social Security Agreement,” he added.
Pointing towards India's continued progress in indexes including Ease of Doing Business, Logistic Performance and Global innovation, the Prime Minister said 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 $ 1.5 trillion investment,” he added.
He also invited business to build up and grow their presence in India, saying “India has immense possibilities, countless opportunities.”
