Brazil Will Open Yet Another Set of Opportunities for Indian Businesses: PM Modi

Prime Minister Narendra Modi said that his visit to Brazil to attend this year’s BRICS Summit on 13th and 14th November is an opportunity to deepen India-Brazil strategic partnership.

In an official statement, Modi said, "I look forward to holding discussions with BRICS leaders on greater cooperation in a wide range of areas. On the side-lines of this 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. The visit to Brazil will give me an opportunity to hold talks with the President of Brazil on ways to deepen the India-Brazil strategic partnership," he said.

There is great potential in sectors like trade, defence, agriculture and energy, the Prime Minister added.

This will be the sixth time that Prime Minister Narendra Modi will be participating at the BRICS summit. His first BRICS summit was at Fortaleza in Brazil in 2014.

A large business delegation from India is also expected to be present during the visit especially to attend the BRICS Business Forum where the business community of all five countries are represented.

Prime Minister is scheduled to hold separate bi-lateral meetings with the Russian President Vladimir Putin and the Chinese Premier Xi Jinping apart from the BRICS business forum closing ceremony and the closed & Plenary Sessions of the XI BRICS Summit.

In the closed session, the discussions are expected to be focused on challenges and opportunities for the exercise of national sovereignty in the contemporary world. This will be followed by the BRICS Plenary Session where the leaders will discuss the intra BRICS cooperation for the economic development of BRICS societies.

Thereafter Prime Minister shall participate in the meeting of the BRICS leaders with BRICS Business Council where in the Chairman of the Brazilian BRICS Business Council and the President of the new Development Bank are expected to submit reports.

Immediately thereafter a BRICS MoU between Trade and Investment Promotion agencies will be signed.

On the conclusion of the summit leaders will issue a joint declaration.

BRICS brings together five major emerging economies comprising 42 percent of the world's population, having 23 percent of the global GDP and around 17 percent of the share and world trade.

BRICS cooperation has two pillars including consultations on issues of mutual interest through meeting of leaders and ministers as well as cooperation through meeting of senior officials in a number of areas including trade, finance, health, education, science and technology, agriculture, communications IT etc.