Why BRICS businesses are betting on India

India is attracting significant investment interest from businesses of BRICS nations, according to leaders attending the BRICS Summit. The summit, hosted by India in New Delhi on September 12-13, showcased the country's robust economic growth, manufacturing prowess, and potential for trade and joint ventures.

Abednico Mkhari, founder and CEO of South African engineering firm NTGR Engineering, spoke to reporters about the opportunities India presents for South African businesses. He emphasized the importance of partnerships with Indian companies in engineering and technology, noting that South African firms are eager to collaborate and share technology with their Indian counterparts. Mkhari also stressed the need for stronger trade ties between India and South Africa to boost economic growth.

Alexandr Kokov, founder and CEO of Russian investment firm GSBI Ltd, echoed similar sentiments about India's growing significance for BRICS businesses. He highlighted India's rapidly developing economy as a major draw for investment, describing it as a top priority for Russia and the global economy. Kokov also called for improved information exchange about India's economy among entrepreneurs in other BRICS countries to help them identify promising sectors for growth and joint ventures.

Piyush Goyal, India's Minister of Commerce and Industry, urged BRICS nations to open markets, cut trade barriers, and link payment systems to further economic cooperation. He expressed optimism that the BRICS grouping is at the beginning of a larger journey of economic collaboration.