Prime Minister of India Narendra Modi?s intervention at BRICS Business Council Meeting

Your Excellency President Xi Jinping,nYour Excellency President Jacob Zuma,nYour Excellency President Michel Teme,nYour Excellency President Vladimir Putin,nDistinguished Members of the BRICS Business Council.nnIt gives me great pleasure to welcome you to this meeting with the BRICS Business Council.nnThe Council reflects the full economic diversity and depth of business engagement between our countries.nnI thank their contribution to the BRICS agenda of building inclusive economies through responsive and collective solutions.nnExcellencies and Friends,nnPromoting economic and commercial engagement has been a foundational impulse in the creation of BRICS.v It is, therefore, encouraging to see the BRICS Business Council take healthy shape three years after we set it up in Durban.nnOur business communities are the strongest proponents for closer and faster commercial cooperation among BRICS.nnTheir partnerships create wealth and value in our societies.v And, enhance productivity and create jobs in our economies through technological innovations and capacity addition.nnI applaud that vision. I share that vision.nnExcellencies,nnIn India, we have undertaken substantial reforms in the last two years to streamline and simplify governance, especially doing business in India.nnThe results are clearly visible.nnWe have moved up in almost all global indices that measure such performances.nnWe have transformed India into one of the most open economies in the world today.nnGrowth is strong and we are taking steps to keep the momentum going.nnI am happy to note that the BRICS Business Council also has matching priorities of ease of doing business, dismantling trade barriers, promoting skills development, establishing manufacturing supply chains and infrastructure development.nnThe Council?s work holds much promise for expansion of trade and business among BRICS countries.nnExcellencies,nnThe New Development Bank is fully operational now. Its success is a concrete result of our common efforts.nnWe congratulate the NDB and its management for commencing the first batch of projects.nnNDB has kept clean energy and green and sustainable infrastructure as its priority.nnWe welcome it.nnWe would encourage the BRICS Business Council to work closely with the NDB on identifying and implementing prospective economic projects.nnIndia hosted the First BRICS Trade Fair in New Delhi two days ago with active participation from all your countries.nnSuch activities must be promoted to generate greater business awareness and commercial exchanges.nnExcellencies, nnLet me conclude by saying that as Governments, we count on the BRICS Business Council to work with us to achieve our common aim of:n

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• Strengthening mutual trade;

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• Enhancing business opportunities;

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• Building investments linkages;

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• Promoting innovation; and

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• and removing bottlenecks to intra-BRICS commerce.

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nIn a little while, we will hear from the BRICS Business Council and the leadership of NDB.nnThank you. Thank you very much.