PM Modi to address business forum, call for enhanced economic linkages
Brasilia/UNI: Prime Minister Narendra Modi on Wednesday would address the BRICS Business Forum which will include 500 entrepreneurs and interact with BRICS Business Council as well as the New Development Bank, and call for enhanced economic linkages among members of the grouping.
"Improving economic linkages augur well for the BRICS nations," Modi said in a tweet ahead of the BRICS leaders' dialogue with the Council and the Bank.
On the sidelines of the BRICS Summit, I would be addressing the BRICS Business Forum and interacting with BRICS Business Council as well as the New Development Bank. Improving economic linkages augur well for the BRICS nations.
— Narendra Modi (@narendramodi) November 12, 2019
The prime minister is accompanied by a business delegation.
Modi is here to take part in the 11th BRICS summit that has been convened under the theme “BRICS: Economic Growth for an Innovative Future.”
He will be holding discussions with BRICS leaders on greater cooperation in a wide range of areas.
"The visit to Brazil will give me an opportunity to hold talks with President Jair Bolsonaro on ways to deepen the India-Brazil strategic partnership. There is great potential in sectors like trade, defence, agriculture and energy," he said ahead of the trip.
Leaders from Brazil, Russia, India, China, and South Africa are expected to discuss opening their development bank to other countries to increase its capital to fund infrastructure and other projects.
NDB President KV Kamath has said the bank’s membership is open to all members of the United Nations, and its mandate is to mobilise funds for sustainable development projects in BRICS and other emerging economies and developing countries.
Brazil is negotiating a US$500 million loan with the NDB for the country's sanitation, waste treatment, and renewable energy projects.
A leaders’ declaration is expected to be released.
As the world saw rising unilateralism and protectionism, the BRICS issued the Johannesburg Declaration on their last summit in 2018, which supports free trade, multilateralism and the authority of the United Nations.
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