New Delhi, July 14 (PL-RHC) -- Indian Prime Minister Narendra Modi said Sunday the BRICS summit taking place in Brazil will allow his country to strengthen ties with Latin American nations.

India has traditionally enjoyed close, cordial and mutually beneficial relations with those countries, said Modi in a message before leaving for the Summit.

He said the meeting will focus on strengthening ties with other BRICS member states through initiatives like the creation of a development bank and a contingency reserve fund.

The great progress achieved by this region make it a potentially important center of the global economy with great opportunities for us, said Modi.

Modi said this will be a bright opportunity to discuss with his colleages how to contribute to international efforts to face regional crisis and threats to security, and guarantee peace and stability worldwide.

The topic of the summit "Inclusive Growth, Sustainable Development" will allow us shape the development agenda post 2015 under discussion within the United Nations, he commented.

The BRICS was founded in Russia in 2009, and since then it has become a powerful association of major emerging economies that, according to estimates, represent 43 percent of the world population, 30 percent of the world's surface area, 18 percent of the global Gross Domestic Product and 35 percent of foreign reserves.