In a departure statement before leaving for Berlin en route Fortaleza in Brazil for his first multi-lateral engagement with global leaders, he also said that India looks forward to the BRICS initiative for setting up the New Development Bank and Contingent Reserve Arrangement.
    
The BRICS Development Bank with a corpus of USD 100 million will fund projects in a number of countries and other developing countries. India along with China is in contention for establishing its headquarters either in New Delhi or in Shanghai.
    
Modi is visiting Brazil at the invitation of Brazilian President Dilma Rousseff to attend the Sixth BRICS Summit being held in Fortaleza and Brasilia on 15-16 July.
    
The Prime Minister noted that the meeting is taking place at a time of political turmoil, conflict and human crisis in several parts of the world.
    
There is also persisting weaknesses and unrest in the global economy. Many emerging economies have experienced a slowdown which has increased the challenge of pursuing inclusive and economic development, he said.
    
"I look at the BRICS Summit as an opportunity to discuss with my BRICS partners how we can contribute to international efforts to address regional crises, address security threats and restore a climate of peace and stability in the world," he said.
    
"I also look forward to our discussions to further advance intra-BRICS economic cooperation and our collective efforts to advance global economic stability and prosperity. In particular, I look forward to the successful conclusion of major BRICS initiatives, like the New Development Bank and the Contingent Reserve Arrangement, which have seen significant progress since their launch in New Delhi in 2012," he said.

The Prime Minister said these initiatives will support growth and stability in BRICS and also benefit other developing countries.
    
He said India attaches high importance to the BRICS forum for promoting global economic growth, peace and stability.

TRIP TO BUILD UP BRICS

-After a stopover in Berlin Sunday night, PM Modi will leave for Fortaleza, the north-eastern coastal city of Brazil, on Monday for the summit of leaders of Brazil, Russia, India, China and South Africa to be held on July 15, providing him his first opportunity at multilateral engagement.

-An earlier plan to have a meeting with Chancellor Angela Merkel in Berlin was shelved because of Germany's entry into the FIFA World Cup final, for which she will be in Brazil.

-On his way back home, the Prime Minister will make a brief halt in Frankfurt before reaching Delhi on July 17 night.

-Modi will be accompanied by a high-level delegation that includes Minister of State for Finance Nirmala Sitharaman, National Security Adviser A K Doval, Foreign Secretary Sujatha Singh and Finance Secretary Arvind Mayaram.

"The meeting in Brazil will usher in the second cycle of BRICS Summits. We meet at a time of political turmoil, conflict and humanitarian crisis in several parts of the world, and persisting weakness and risks in the global economy. Many emerging economies have experienced a slowdown, which has increased the challenge of pursuing inclusive and sustainable economic development," Modi said.
    
The Summit theme, "Inclusive Growth; Sustainable Development", will enable to shape the post-2015 Development Agenda being discussed in the United Nations, he said.
    
Noting that the Summit will also be an occasion for his first meetings as Prime Minister with the leaders of important global partners – Brazil, China, Russia and South Africa, he said, "I look forward to meaningful meetings with them to intensify bilateral relations and exchange views on global and regional developments."
    
The Summit will also afford an opportunity to interact with a number of leaders of South American countries at a meeting being hosted by Brazil.
    
Observing that India has traditionally enjoyed close, cordial and mutually beneficial ties with these countries, the Prime Minister said, "We share common aspirations and challenges. The Indian Diaspora in these countries also serves as the continent's enduring link with India."
    
"South America's all round progress makes it a potentially important pole of the global economy and a land of enormous opportunities for us. My interactions would enable us to explore new ideas on further consolidating and expanding our ties with South America," he said.

BRICS BUILDING UP

-BRICS – the grouping of Brazil, China, India, Russia and South Africa — accounts for more than a quarter of the world's land mass, 40 per cent of its population and a combined GDP of USD 24 trillion.

-The collective strength of the BRICS economies is of great significant for the global economy. The BRICS countries have done commendable job by reducing poverty and giving boost to the global economy.

-In turn, the BRICS could become as big as the G7 by 2032, about seven years earlier than we originally believed possible, according to a Goldman Sachs report.

-During the 2008 global economic slump, BRICS’ demand helped  the United States, Europe, and Japan in pulling out of crisis.

The Prime Minister is accompanied by a high-level delegation that includes Minister of State for Finance Nirmala Sitharaman, National Security Adviser AK Doval, Foreign Secretary Sujatha Singh and Finance Secretary Arvind Mayaram.
    
The sixth summit of BRICS, which will follow up on the decisions of the Durban meeting last year, will provide Modi his first opportunity at meeting world leaders, including President Xi Jinping of China and Vladimir Putin of Russia, and discuss bilateral issues.

JPN

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