Brics an opportunity to attract investment: Brazil

Brics an opportunity to attract investment: Brazil

Brasilia, Oct 14 (IANS) Brazilian President Michel Temer will leave on Friday to India to participate in the eighth Brics Summit and then to Japan to attract investment.

According to Temer’s spokesperson, Alexandre Parola, on Thursday, the President’s Asia visit will be an opportunity for the government to show “a new Brazil” of “investment opportunities, stability and fiscal responsibility”, Xinhua news agency reported.

Temer’s first stop will be in Goa for the Brics Summit, where he will formalise four new cooperation mechanisms with the other member countries (China, India, Russia and South Africa).

Temer will arrive in Goa on Saturday and enjoy a formal dinner with the leaders. On October 16, the five heads of state will meet before holding a Brics business meeting, followed by a signature ceremony and a meeting with Bay of Bengal countries (BIMSTEC).

Temer will also hold a private meeting with Prime Minister Narendra Modi, which Parola said would help in re-launching the two countries’ bilateral strategic partnership.

“India is reaching high levels of economic growth. At a time when Brazil is seeking to return to the paths of sustainable development and job creation, India is a natural partner to which we turn with renewed emphasis,” he explained.

The new mechanisms will include an agricultural research platform to share technological advances. A deal between customs authorities will seek to finalise technical aspects in order to make trade easier between members.

An environmental cooperation commitment will see the five nations aim to work together on air quality, water management and climate change. Finally, the countries’ diplomatic corps will seek to work in closer cooperation.

In recent years, the Brics have made important steps forward, with the creation of the New Development Bank, which will seek to finance infrastructure projects in developing countries.

Temer will then be in Japan on October 17 and 18, the first visit by a Brazilian president to that country in 11 years.

He will meet Prime Minister Shinzo Abe before meeting business leaders to present “Brazil’s new economic reality and the opportunities opened up by the Investment Partnership Plan”.

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