In investment offer, PM Narendra Modi invokes ‘mutual trust’, targets China | India news

The statement, which came days after Modi met Chinese President Xi Jinping on the sidelines of the BRICS summit in Johannesburg, indicates India’s continued annoyance with its neighbor amid escalating border tensions. In recent years, India has sought to position itself as an attractive investment destination as companies look to diversify their production bases and reduce their dependence on China.

And with China sitting on a heap of important minerals across the world, Modi also warned that it could lead to a new model of colonialism. “If our focus is self-centered, it will not benefit ourselves or the world. We are facing this challenge in important minerals, rare earths. They are abundant in some places and missing in others. But all of humanity needs them. Those who have it need it,” he said. They don’t see it as a global responsibility, they will promote a new model of colonialism.” In addition, he proposed an “integrated approach” to cryptocurrencies, an issue high on India’s priority list at next month’s G20 leaders’ summit. “We need a framework,” he added. global, taking into account the interests of all stakeholders.

Modi also cited concerns about artificial intelligence. “Across the world, there is a lot of excitement around AI, but there are also some ethical considerations. These relate to skills and re-skilling, the bias of algorithms and their impact on society. We need to work together to find a solution. It is important for the global business community and governments to ensure that intelligence Moral artificial on appropriate attention.