his first multilateral engagement with world leaders, Modi said they were meeting 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.
Participating in the BRICS summit in the north eastern coastal City of Fortaleza and capital Brasilia on July 15 and 16 at the invitation of Brazilian President Dilma Rousseff, the Prime Minister said India attached high importance to the BRICS Forum for promoting global economic growth, peace and stability.
In the course of the past five summits and several ministerial and official processes, Brazil, Russia, India, China, and South Africa (BRICS) has made major strides in pursuit of these goals, he noted. The meeting in Brazil will usher in the second cycle of BRICS summits.
The summit theme, "Inclusive Growth; Sustainable Development", will enable India to shape the post-2015 Development Agenda being discussed in the United Nations.
Modi said the summit will also be an occasion for his first meetings as Prime Minister with the leaders of India's important global partners -- Brazil, China, Russia and South Africa.
"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 in Brasilia," Modi said.
"India has traditional enjoyed close, cordial and mutually beneficial ties with these countries," he noted.
"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," Modi said.
"My interactions would enable us to explore new ideas on further consolidating and expanding our ties with South America," he said.
The Prime Minister is 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.