New Development Bank must promote joint BRICS projects: Ficci

Welcoming Prime Minister Narendra Modi's thrust on deeper economic cooperation between BRICS (Brazil, Russia, India, China and South Africa) nations, Ficci today said the New Development Bank must promote projects in infrastructure, renewable energy and skill development.
"We are deeply encouraged by the guidance given by our Prime Minister in context of boosting intra-BRICS economic cooperation.
"The New Development Bank has a lot of expectations attached to it and it must promote joint BRICS projects particularly in areas of infrastructure, renewable energy and skill development.
"NDB must also support projects in manufacturing sector that foster regional value chains within BRICS. This will give a massive boost to intra-BRICS trade that presently defies potential," Ficci President Jyotsna Suri said.

Referring to BRICS New Development Bank, Modi today said it should fund projects which have cross-border collaboration among the five member countries.
Modi made the comments while addressing the BRICS Business Council in Ufa, Russia.

He said the Contingency Reserve Arrangement (CRA) of the BRICS will come into force soon, which will help in bringing about stability in the BRICS economies.
Modi favoured development of a manufacturing chain across the BRICS countries, saying it will help create jobs and benefit all the member nations.
Moreover, pitching for closer cooperation and coordination among BRICS nations, Modi also proposed a 10-point initiative that includes India hosting the first trade fair for the grouping and establishing research centres for railways and agriculture.

The proposed initiatives for the BRICS include a trade fair, a Railway Research Centre, cooperation among supreme audit institutions, a Digital Initiative and an Agricultural Research Centre.
They also include State/Local Government's Forum, cooperation amongst cities in field of urbanisation, BRICS Sports Council and Annual Sports Meet, a film festival and the first major project of NDB to be in field of Clean Energy.
"The BRICS Information Sharing and Exchanging Platform (BRICS Business Portal), anchored by the Fudan University, is an excellent tool that must be used and leveraged by businesses for accessing information on policies and projects across sectors in BRICS countries.

"Ficci, as the technical secretariat for the BRICS Business Council from India, will enhance awareness about this portal and its usability amongst businesses in India through its nationwide network," Suri said.
On the initiative of BRICS trade fair, Suri said it can be a very significant platform to connect businesses, learn about investment opportunities and evaluate cutting edge technologies being pursued across sectors in all BRICS countries.
"We would be completely supporting this initiative of our Prime Minister and feel that going ahead this could become a critical platform for enhancing intra-BRICS trade and investment flows," she added.