Prime Minister Shri Narendra Modi addressed the BRICS Business Forum, on the sidelines of BRICS Summit in Brazil today. Heads of states of other BRICS countries, also addressed the Business Forum.

Speaking on the occasion, PM Shri Narendra Modi 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.

Prime Minister said that Important initiatives such as innovation BRICS Network, and BRICS Institution for Future Network will be considered for discussions during the summit tomorrow. He requested the private sector to join these efforts focused on human resources. He also suggested that the five countries should also consider a Mutual Social Security Agreement.

Prime Minister said that India is the world's most open and investment friendly economy due to political stability, predictable policy and business friendly reforms.

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VRRK/AK