Brics heads decide on a 7-point action plan
CAPE TOWN - The second meeting of Brazil, Russia, India, China and South Africa (Brics) industry ministers that was held in Hangzhou, China, has adopted a seven-point “Action plan on deepening industrial co-operation among Brics countries”.

The action plan stated that the world economy was still in a period of profound adjustment after the international financial crisis.

Industrial sectors, the manufacturing sector and the service sectors related to it, in particular, have become key factors in sustaining mid- and long-term economic development.

The plan also acknowledged that in recent years, the new industrial revolution featuring digitalisation, networking and intellectualisation is emerging, changing traditional production flows and business models, and giving rise to new industrial forms.

Minister of Trade and Industry Rob Davies said the action plan was aimed at facilitating the implementation of the consensus reached at the first meeting of Brics industry ministers, held two years ago in Moscow, on expanding industrial co-operation in key areas and joint actions, and deepen the mutually beneficial and win-win co-operation in industrial fields, particularly manufacturing areas.

The following seven points have been identified as key in the plan:

Strengthen industrial capacity co-operation.

Strengthen the co-ordination and matchmaking in the field of industrial policies.

Promote the co-operation in the development of new industrial infrastructure.

Expand co-operation in technological development and innovation.

Deepen co-operation in the field of SMEs.

Strengthen co-operation in standard area.

Facilitate all-round co-operation with the UN Industrial Development Organisation.

Impact

Prior to the adoption of the action plan, Minister Davies indicated that the global manufacturing industry was confronted by the impact of the “Fourth Industrial Revolution” that will transform traditional manufacturing as a result of the growth of smart technologies, as information and communication technology has become more widespread in manufacturing.

According to Davies, this had opened the way for disruptive approaches to development, production and the entire supply chain.

The adopted “Action plan on deepening industrial co-operation among Brics countries” said in order to seize development opportunities brought by the new industrial revolution, Brics countries would take joint actions to fully utilise their advantages of rich natural and human resources, broad domestic markets and vigorously carry out co-ordination and matchmaking in the fields of industrial capacity and policies, and co-operation in such fields as development of new industrial infrastructure, technology development and innovation, small and medium-sized enterprises.

Meanwhile, Davies has arrived in Shanghai for the 7th meeting of the Brics trade ministers.

The meeting will discuss areas in which Brics countries can enhance co-operation on issues related to trade and investment.


BUSINESS REPORT