Brics heads de­cide on a 7-point ac­tion plan

The Star Early Edition - - BUSINESS REPORT - Sizwe Dlamini

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 medi­um­sized 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.

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