Brics countries adopt 7-point action plan to boost industrial co-operation

Key would be to build global competitive capabilities

THE Department of Trade and Industry says the second meeting of Brics industry ministers 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 department said.

The plan acknowledged that in recent years the new industrial revolution, featuring digitalisation, networking, and internationalisation, was emerging, changing traditional production flows and business models and giving rise to new industrial form, it added.

Trade and Industry Minister Rob Davies said the action plan intended to facilitate implementation of the consensus reached at the first meeting of Brics industry ministers held two years ago in Moscow, Russia, on expanding industrial co-operation in key areas and joint actions.

Seven points had been identified as key in the plan – strengthen industrial capacity co-operation; strengthen the co-ordination and match-making in the field of industrial policies; promote 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 the standards area; and facilitate all-round co-operation with the UN Industrial Development Organisation (Unido).

Prior to the adoption of the plan, Davies said the global manufacturing industry was confronted by the impact of the “fourth industrial revolution” that would transform traditional manufacturing as a result of the growth of smart technologies, as information and communication technology had become more widespread in manufacturing. This had opened the way for disruptive approaches to development, production, and the entire supply chain.

“Therefore our industrial development strategies and investment co-operation have to grapple with the potential threats, in particular in the context of high unemployment. At the same time this presents an opportunity to aggressively acquire, transfer, and diffuse new technologies through securing key investments from global players in key strategic value chains to build global competitive capabilities.”

Industrial development co-operation between Brics countries could be a springboard to foster growth, development, and job creation, he said.