Modi woos investors at BRICS

Tribune News Service

New Delhi, November 14

Prime Minister Narendra Modi today wooed investors by terming India as the world’s most “open and investment friendly” economy.

Terming India a land of limitless opportunities, PM Modi said at the closing ceremony of the BRICS Business Forum in Brasilia on Wednesday that India was now defined by “political stability, predictable policy and business-friendly reforms”.

PM Modi has stepped up efforts to seek foreign investments after economic growth began slowing down. Backed by the largest-ever cut in corporate taxes for existing and new manufacturing units, PM Modi had travelled to the US in September where he held three roundtables with over 50 of America’s top CEOs.

Last month, he visited Saudi Arabia and attended the “Davos of the Desert” to solicit investments from the deep-pocketed sovereign and pension wealth funds. The PM urged the business leaders of the BRICS nations to invest in India, particularly in its infrastructure development.

“BRICS countries account for 50 per cent of the world’s economic growth. Despite recession in the world, BRICS countries accelerated economic development, brought millions out of poverty and achieved new breakthroughs in technology and innovation,” he said.

“I would also like to suggest that by the next BRICS summit, at least five such areas should be identified in which joint ventures can be formed between us on the basis of complementarities,” he added.

PM Modi also held meetings with Presidents of China, Russia and Brazil on the sidelines of the summit.

During their meeting, PM Modi and Chinese President Xi Jinping agreed to move forward on trade and boundary issues, the two areas of priority for India, by holding early meetings of their respective high-level panels.

It was decided that the newly set-up High Level Mechanism on trade and economy should meet at an early date while special representatives Ajit Doval and Wang Yi will have another meeting on matters relating to the boundary question, said a Ministry of External Affairs statement.