17:13 GMT10 July 2020
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    New Delhi (Sputnik): Indian Prime Minister Narendra Modi is in Brazil for the 11th BRICS Summit which will focus on building mechanisms for cooperation in counter-terrorism and strengthening India's ties with four of the world's major economies.

    India’s performance in the index of global innovation and ease of doing business is known worldwide but political stability in India, its policies and business reforms make it the world's most "open and investment-friendly" economy, Prime Minister Narendra Modi said in Brasilia, Brazil, on Wednesday as he wooed BRICS business leaders.

    ​Addressing the closing ceremony of the BRICS Business Forum, Modi said the five-nation bloc make for 50% of the world economy and despite the global economic slowdown, these nations have given a push to the economy, alleviated poverty for millions of people and achieved success in technology and innovation.

    He said BRICS nations (Brazil, Russia, India, China and South Africa) should also deliberate on a mutual social security agreement.

    "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 said.

    "Important initiatives like innovation the BRICS Network, and the BRICS Institution for Future Network will be considered. I request the private sector to join these efforts focused on human resources," Modi said.

    The prime minister thanked Brazil's President, Jair Bolsonaro, for his government's decision to allot Indians visa-free entry into the Latin American country.

    'BRICS: Economic Growth for an Innovative Future' is the main topic of the summit. The leaders of the nations - Brazil's Jair Bolsonaro, Russia's Vladimir Putin, Indian Prime Minister Narendra Modi, China’s Xi Jinping, and South Africa's Cyril Ramaphosa – are discussing economic cooperation, joint measures on fighting crimes in various spheres, and mutually beneficial projects.


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