Prime Minister of India - Dr. Manmohan Singh

PM's remarks during the interaction with the IBSA business council

"I am particularly happy that the Business Forum has become an integral part of the IBSA process. A strong trade and economic partnership is essential for the success of IBSA.

India, Brazil and South Africa are amongst the most dynamic developing economies of the world. We have obvious complementarities and strengths that we ought to share and build upon.

We have set ourselves a modest target of 15 billion dollars by 2010 for trade among our three countries. My suggestion to our business leaders would be to aim to achieve this by 2009 and then go on to double that by 2012. Business must be pro-active.

We in government assure you that we will endeavour to create the necessary environment for closer intra-IBSA trade and investment. We also hope that the Business Forum will work actively to create awareness of the opportunities that our three large markets provide. Each of us has strengths in Science & Technology. I would urge the business leaders present to look at innovative approaches to exploit these strengths including through joint R&D projects, particularly in sectors such as manufacturing, pharmaceuticals and ICT.

Energy security is a major challenge confronting us. We should use synergies in this area to our common benefit. Brazil has comparative strengths in ethanol and bio-fuels; South Africa in Coal to Liquid and Gas to Liquid technologies. India has strengths in wind and solar energy. We need to look at how trilateral ventures in these areas can be made viable business models.

Business also has a social responsibility. Within IBSA, we are in the process of elaborating a common Social Development strategy. We would welcome inputs from the business community to shape an effective public-private partnership in this area.

Let me conclude by emphasizing how important it is for our business and industry to come together if we are to realise our objective of integrating our economies."