Prime Minister Narendra Modi said that India is the world's most open and investment friendly economy due to political stability, predictable policy and business friendly reforms. PM said 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 added.
Prime Minister wished that Intra-BRICS trade and investment targets should be more ambitious and invited their suggestions to further reduce the cost of trade between the BRICS countries. PM also suggested that 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.
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