PM leaves for China to attend BRICS Summit; to visit Myanmar too


Speaking at the second NDB-BRICS Business Council Dialogue in Shanghai, ahead of a September 3-5 BRICS Summit in Xiamen, Fujian province in East China, President K.V. Kamath said the bank has operated smoothly over the last two years. "We are looking at the summit very positively, so as to come out with a strong outcome, and Prime Minister Narendra Modi is looking forward to participate in this summit", Saran said.

The Chinese hosts have highlighted this year's summit as marking the completion of one "golden decade" of cooperation among member states who are showing the path to other developing countries via determined multilateralism.

Ahead of the BRICS summit, the New Development Bank (NDB) of the BRICS countries has approved 1.4 billion U.S. dollar loans for sustainable development projects in India, Russia and China.

Prime Minister Narendra Modi said he will also meet leaders bilaterally on the sidelines of the BRICS summit.

The BRICS business forum is expected to gather a record 1,200 participants, including representatives from almost 80 Fortune 500 multinationals, said Jiang Zengwei, head of the China Council for the Promotion of International Trade, at a press conference.

The BRICS forum is an important event for BRICS leaders to meet each year to exchange discussions on hot issues of common concern, to rally consensus and to develop policy statements.

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However, a Chinese foreign ministry spokesman said the focus should be on de-escalating tensions not "just chanting about sanctions".

Modi's visit was announced a day after India and China agreed to disengage their troops from the Doklam plateau in Bhutan.

"The development of emerging market and developing countries won't touch anyone's cheese, but instead will diligently grow the world economic pie", he said.

Analysts say that approach demonstrates the openness and inclusiveness of the BRICS mechanism and will create more opportunities for developing nations to cooperate on trade, investment, e-commerce and more areas.

Modi might raise Pakistan's terror links at the event.

The ASI will be undertaking further restoration work on a number of pagodas and murals that were damaged in an quake a year ago, he said. The first BRICS summit was held in the Russian city of Yekaterinburg in 2009. Russia's state-owned Vnesheconombank (VEB) is extremely interested in partnership with India, VEB First Deputy Chairman Nikolay Tsekhomsky said in an interview with TASS on Saturday.