Prime Minister Narendra Modi on Thursday (November 14) addressed the plenary session of BRICS Summit in Brasilia, Brazil and said that innovation has become the basis of all-round development across the world and BRICS member nations should also focus on innovation in order to usher in development.
The prime minister said that BRICS member nations should also focus on trade and investment between them as intra-BRICS trade is only 15% of the world trade while the population of BRICS member nations is more than 40% of the total world population. "We need to focus on trade and investment between BRICS nations, Intra-BRICS trade is only 15% of the world trade," said PM Modi.
Talking about the 'Fit India Movement,' PM Modi said that communication and exchange between BRICS nations should increase in areas of fitness and health.
The prime minister also talked about the menace of terrorism and said that around 2.25 lakh people have lost their lives due to terrorism in last decade. "The atmosphere of doubt created by terrorism, terror financing, drug trafficking and organised crime harms trade and business. I'm happy that a seminar on 'BRICS Strategies for Countering Terrorism,' was organised," said PM Modi.
Earlier on Thursday, PM Modi also addressed BRICS Business Forum in Brasilia and said that despite a global recession, member nations of the BRICS forum contribute to almost half of the world`s economic development.
"BRICS nations contribute 50 per cent of the economic development of the world. Despite the global recession, BRICS nations have contributed to economic development and brought crores of people out of poverty. New avenues have also been reached in the field of technology and innovation," Prime Minister Narendra Modi at BRICS Business Forum in Brasilia.
The prime minister remarked that an easier intra-BRICS business will help in a faster flow of exports and imports between the countries. PM Modi said that the "diversity between our member nations is another important factor" that can contribute to boosting trade ties.
Besides India, Brazil, Russia, China, and South Africa are BRICS members.