New Delhi: Ahead of the 18th BRICS Summit, the BRICS Business Forum met at Bharat Mandapam in New Delhi on Friday. Talking on issues related to business and global economy, Foreign Minister S. Jaishankar said that in the current era, instability and uncertainty have increased in the world. In such an environment, the need for strong trade relations, reliable supply chains and stable trading system among the BRICS countries is more than ever.
What are the challenges facing the global economy?
Jaishankar said that the impact of events like geopolitical tensions, epidemics and climate change is now directly visible on the economy and business. The economic structure of the world is changing rapidly and its impact is on the market, investment and supply system. In such a situation, it is important for the countries not only to deal with the crisis but also to adapt themselves quickly to the changing circumstances.
What new opportunities have emerged amid the crisis?
The Foreign Minister said that along with challenges, some new opportunities have also arisen. Digital technology and rapid technological changes have opened up opportunities to increase business, production and productivity. He said that in the coming times, only those economies will be stronger, which will be able to understand the changes and change their strategy in time.
How can the business of BRICS countries be made easier?
Jaishankar stressed exploring new markets and business partners for the businessmen of BRICS countries. He said that it is necessary to strengthen the supply network and simplify trade processes between countries. For this, reliable logistics, stable business environment and transparency in trade and investment will be important.
He also said that the energy system should be such that it continues to work even during any external shock. According to him, strong and diverse supply chains help any economy overcome global crises.
What did Jaishankar say about self-reliance?
Linking economic security to self-reliance for the BRICS countries, the Foreign Minister said that this does not mean isolation from the world. Instead, what is needed is to create a system in which countries remain connected to the global economy and are not overly dependent on any one market or supplier.
How to present India’s strength to the world?
Jaishankar presented India as a big and fast growing market. He said that the manufacturing capacity in the country is continuously increasing. India has a large pool of skilled talent, experience in the digital sector and a strong base of startups and innovation. These capabilities give India the opportunity to play a bigger role in global business.
What is the agenda regarding trade and investment in BRICS?
This time issues like trade, investment, supply chain, digital economy, agriculture and startup are being discussed in the business forum. A large number of business and institutional representatives, including around 1,000 foreign delegates, are expected to attend the forum.
Jaishankar said that the work of BRICS Business Forum should not be limited to discussion only. Concrete and practical suggestions should come forward for businessmen so that trade and investment between BRICS countries can be further increased in the coming years.
