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Industry development key source of growth for BRICS — declaration

July 09, 2015, 18:37 UTC+3 UFA
"Encouraging investment in priority areas such as infrastructure, logistics and renewable sources of energy is a strategic goal for the sustainable growth of our economies," the declaration said
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Leaders of BRICS states

Leaders of BRICS states

© TASS/Sergei Savostianov

UFA, July 9. /TASS/. The key source of growth for BRICS countries (Brazil, Russia, India, China and South Africa) is industrial development, the final declaration of the summit in Ufa said.

"We emphasize that, in the context of the unstable global financial and economic system and price volatility in global commodity markets, the development of the real sector of economy becomes particularly relevant," the BRICS leaders said in the document.

"We recognize that industrial development is a fundamental source of growth for the BRICS countries, which possess ample natural resources and significant labor, intellectual and technical capacities. Increasing production and export of high value-added goods will help BRICS countries enhance their national economies, contribute to their participation in global value chains and improve their competitiveness," they said.

"In this connection, we reaffirm the unique mandate of the United Nations Industrial Development Organization (UNIDO) to promote and accelerate inclusive and sustainable industrial development," the declaration said.

"We are convinced about the importance of economic growth based on the balanced development of all economic sectors and on the development and introduction of advanced technologies and innovations, the mobilization of resources from financial institutions and the encouragement of private investment," it said.

"In this context, we note the potential to boost collaboration in developing technology and innovation in the potential sectors of BRICS economies, such as mining and metal industry, pharmaceuticals, information technology, chemicals and petrochemicals, both in the area of exploration and extraction of natural resources and in their processing, transformation and use, including through the promotion of a favourable investment climate and the implementation of mutually beneficial joint projects," the document said.

"We stress the importance of intensifying cooperation of industrial production capabilities, establishing industrial parks and clusters, technology parks and engineering centers with a view to developing and introducing cutting-edge technologies, providing training for engineering and technical personnel and managers," it said.

"We highlight that encouraging investment in priority areas such as infrastructure, logistics and renewable sources of energy is a strategic goal for the sustainable growth of our economies. We reiterate our interest in joining efforts in order to face the challenge of competitiveness," the declaration said.

"In this regard, the BRICS countries agree to collaborate for the promotion of investment opportunities in railways, roadways, seaports and airports among our countries," it said.

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