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November 14, 2019 | 11:24 IST
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Intra-BRICS trade and investment targets should be more ambitious: PM
India is the world's most open and investment friendly economy due to political stability, predictable policy and business friendly reforms: PM
Prime Minister Shri Narendra Modi addresses BRICS Business Forum
Your Excellencies, Distinguished Participants of BRICS Business Forum,
Namaskar, Good Evening.
I am very happy to join the BRICS Business Forum. The 11th BRICS Summit program has started with this forum. I congratulate the President of Brazil, the organizers of this forum and all the participants for making Business a priority.
Friends,
BRICS countries account for 50% of the world's economic growth. Despite the recession in the world, the BRICS countries accelerated economic development, drove millions of people out of poverty and achieved new breakthroughs in technology and innovation. Now ten years after the founding of BRICS, this forum is a good platform to discuss the direction of our efforts in the future.
Friends,
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 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.
Intra-BRICS business and investment targets should be ambitious. Your suggestions will be helpful to further reduce the cost of trade between us.
I would also like to request that priority areas in business be identified among us for the next ten years and based on them blue print of Intra-BRICS collaboration should be made.
Friends,
Our market size, diversity and our 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. 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.
Friends,
The BRICS countries are well known for the hard work, talent and creativity of their people. Important initiatives like 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. Connecting young entrepreneurs with these initiatives will also give more strength to business and innovation
Friends,
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.
Friends,
You will be familiar with India's continued progress in indexes such as Ease of Doing Business, Logistic Performance and Global innovation. Due to the time limit, I would just like to say that 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.
India has immense possibilities, countless opportunities. To take advantage of them, I invite the business of BRICS countries to build up and grow their presence in India.
PM Modi's Global Diplomacy: Strengthening India's Partnerships Across Continents
December 31, 2024
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In recent years, PM Modi has significantly strengthened India's global partnerships through a series of impactful bilateral visits across continents. These visits have been crucial in advancing India’s foreign policy, enhancing strategic cooperation, and promoting economic, cultural, and diplomatic ties with key nations worldwide. From the Gulf to Europe, Southeast Asia, and Africa, PM Modi’s diplomatic outreach is a symbol to India’s growing global presence under his leadership.
United Arab Emirates: Strengthening Ties with the Gulf
PM Modi’s visit to the UAE marked his 7th trip in nine years, reflecting the deepening relationship between India and the Gulf nation. During the visit, PM Modi addressed the Indian diaspora at the AHLAN MODI event, a vibrant celebration of the strong cultural and historical ties between the two nations.
PM Modi at the AHLAN MODI Event in the UAE
The visit also marked a milestone with the inauguration of the first Hindu temple in the UAE — the BAPS Swaminarayan Temple in Abu Dhabi. This temple is a symbol of India’s cultural diplomacy and the growing acceptance of India’s diversity in the Gulf region. The visit reinforced the UAE’s role as a key partner in India’s energy and economic growth, as well as the growing importance of the Indian expatriate community.
Qatar: Renewed Bilateral Cooperation
PM Modi’s visit to Qatar infused “new vigour” into the already robust bilateral ties between India and the Gulf nation. This visit was particularly significant, as Qatar released eight former Indian Navy personnel who had been detained on charges of espionage, a gesture that reflected Qatar's commitment to strengthening ties with India. The visit helped bolster economic cooperation, particularly in sectors like energy, trade, and infrastructure.
PM Modi in Qatar with his counterparts
Additionally, Qatar's investment in India's growing economy was emphasized, opening avenues for enhanced collaboration in the future.
Bhutan: Strengthening Regional Partnerships
A significant aspect of PM Modi’s visit to Bhutan was the inauguration of a state-of-the-art hospital in Thimphu, constructed with Indian assistance.
PM Modi at the inauguration of a state-of-the-art hospital in Thimphu
This move symbolized India’s continued support for Bhutan’s development, enhancing bilateral ties and ensuring India’s strategic influence in the region. Bhutan is an important partner in India's “Neighbourhood First” policy, and this visit further cemented the shared values of peace, stability, and progress between the two nations.
Austria: A Historic Milestone
PM Modi’s visit to Austria in 2024 was groundbreaking, as it marked the first trip by an Indian PM to the country in 41 years. This visit coincided with the 75th anniversary of diplomatic relations between India and Austria. The visit focused on strengthening trade, technology, and cultural ties. Austria’s expertise in renewable energy, engineering, and research was highlighted as a potential area for collaboration.
PM Modi interacted with CEOs in Austria
The visit underscored India’s growing importance in European diplomatic circles and Austria’s role as a partner in India’s development trajectory.
Russia: Reaffirming Strategic Partnerships
In his visit to Russia for the 22nd India-Russia Annual Summit, PM Modi and President Vladimir Putin reaffirmed the longstanding strategic partnership between the two nations.
PM Modi in Russia for the 16th BRICS Summit
The summit emphasized mutual cooperation in defence, energy, and technology. Russia’s support for India’s defence requirements, including the supply of critical military equipment, continued to be a cornerstone of the bilateral relationship. Moreover, both nations agreed to further enhance energy cooperation, particularly in the oil and natural gas sectors, which are crucial for India’s energy security.
Poland: Strengthening Diplomatic Ties
PM Modi’s visit to Poland in 2024 was historic, marking the first trip by an Indian PM in 45 years. The visit coincided with the 70th anniversary of diplomatic relations between the two countries. During the visit, both India and Poland elevated their relationship to a strategic partnership.
PM Modi Honoured the Fallen Heroes in Poland
Discussions centred around defence cooperation, scientific collaboration, and greater engagement in trade and investment. Poland’s support for India’s entry into global institutions such as the UN Security Council was also a significant aspect of the visit.
Ukraine: Diplomatic Engagement Amid Conflict
PM Modi’s visit to Ukraine was particularly noteworthy, coming at a time when military actions had been suspended by both warring sides. The visit demonstrated India’s commitment to global peace and its willingness to offer humanitarian and technological assistance for post-war reconstruction.
PM Modi delivered humanitarian aid to Ukrainian President
The PM assured Ukraine of India’s support in rebuilding its war-torn infrastructure, reflecting India’s role as a peace-broker in global conflicts. The visit also highlighted India’s position on non-interference and peaceful resolution of disputes.
Brunei: A Milestone in India’s 'Act East' Policy
PM Modi’s visit to Brunei marked the first-ever bilateral visit by an Indian Prime Minister to the Southeast Asian nation. The visit coincided with the 40th anniversary of diplomatic ties between India and Brunei. Brunei is a key partner in India’s “Act East” policy, particularly in the Indo-Pacific region.
PM Modi’s visit to Brunei was the first bilateral visit by an Indian PM
The visit focused on enhancing cooperation in trade, energy, and maritime security. Brunei’s strategic location and its importance in regional security made this visit a crucial step in strengthening India’s relationships with Southeast Asian nations.
Singapore: Strengthening Strategic Partnership
PM Modi’s visit to Singapore emphasized the strengthening of India’s strategic partnership with the island nation, particularly in advanced manufacturing, digitalization, and sustainable development. The visit facilitated the growth of synergies between the semiconductor ecosystems of India and Singapore. Both nations explored opportunities to collaborate in research, innovation, and green technologies, which are essential for India’s future economic growth.
PM Modi at the Roundtable with Business Leaders in Singapore
Singapore’s role as a financial hub and a gateway to Southeast Asia made this visit critical for India’s long-term economic ambitions.
Guyana: Reaching Out to the Indian Diaspora
PM Modi’s visit to Guyana was historic as it marked the first visit by an Indian Prime Minister in over 50 years. The visit was significant for its emphasis on strengthening ties with the Indian diaspora, which has had a deep historical connection with Guyana for over 185 years. During the visit, PM Modi held discussions on giving strategic direction to the India-Guyana relationship, focusing on trade, technology, and infrastructure development.
PM Modi at the 2nd Caricom- India Summit in Guyana
The Prime Minister paid homage to the contributions of the Indian diaspora, underscoring their role in bridging cultural and economic ties between India and Guyana.
Nigeria: Strengthening African Partnerships
PM Modi’s visit to Nigeria in November 2024 was the first by an Indian PM to the West African nation in decades. The visit marked a significant step in strengthening India’s partnership with Nigeria, which is one of the most populous and influential countries in Africa. The visit focused on strategic cooperation, particularly in energy, trade, and security. India and Nigeria agreed to work closely on areas like healthcare, education, and infrastructure development. The visit also underscored the importance of democratic values and pluralism, shared by both nations.
PM Modi interacted with the Indian Diaspora in Nigeria
Kuwait: Enhancing Economic and Cultural Cooperation
PM Modi’s visit to Kuwait was especially significant as it was the first visit by an Indian Prime Minister to the Gulf nation in 43 years. The visit focused on enhancing economic relations and cultural exchanges. Kuwait, with its strategic location in the Gulf, plays a pivotal role in India’s energy security and economic interests.
PM Modi at the Hala Modi Event in Kuwait
The visit aimed at bolstering collaboration in trade, energy, and investment, reinforcing the historical ties between the two nations. It was also an opportunity to connect with the large Indian diaspora in Kuwait, a key contributor to both the Gulf nation’s economy and the bilateral relationship.
A Global Leader in Diplomacy and Strategic Partnerships
PM Modi’s series of impactful bilateral visits across continents has significantly elevated India’s diplomatic standing and global influence. His efforts have not only strengthened traditional alliances but also fostered new strategic partnerships, positioning India as a key player in global affairs. Through his leadership, India has championed multilateral cooperation, sustainable development, and peaceful conflict resolution, ensuring its active participation in shaping the future of the world. These diplomatic engagements reflect India’s growing prominence on the global stage, laying the foundation for a prosperous and interconnected future.
