S.African minister lauds BRICS Industrial Action Plan

Source: Xinhua| 2017-07-31 22:59:18|Editor: yan
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CAPE TOWN, July 31 (Xinhua) -- South African Minister of Trade and Industry Rob Davies said on Monday that the Industrial Action Plan, adopted by BRICS countries, can be used as a springboard to foster growth, development as well as employment creation.

The Action Plan is aimed at facilitating the implementation of the consensus reached at the 1st Meeting of BRICS Industry Ministers held two years ago in Moscow on expanding industrial cooperation in key areas and joint actions, and deepen the mutually beneficial and win-win cooperation in industrial fields, particularly manufacturing areas, Davies said in remarks distribute by the Department of Trade and Industry.

The seven-point Action Plan was adopted at the two-day second meeting of BRICS Industry Ministers, which was held in Hangzhou, China, at the weekend.

The plan identifies the following fields for deepening industrial cooperation among BRICS countries: strengthen industrial capacity cooperation and the coordination and matchmaking in the field of industrial policies; promote the cooperation in the development of new industrial infrastructure; expand cooperation in technological development and innovation and deepen cooperation in the field of small- and medium-sized enterprises (SMEs), among others.

The plan also acknowledges that in recent years, the new industrial revolution -- which includes digitization, networking and intellectualization -- is emerging, changing traditional production flows and business models, and giving rise to new industrial forms, Davies said.

The plan "presents an opportunity to aggressively acquire, transfer and diffuse new technologies through securing key investments from global players in key strategic value chains in order to build global competitive capabilities," said Davies.

Davies was speaking as he was heading to Shanghai for the upcoming 7th Meeting of the BRICS Trade Ministers.

The meetings will discuss areas in which BRICS countries can enhance cooperation on issues related to trade and investment.

The key areas of focus will be trade and investment facilitation, trade in services, intellectual property rights, economic and technical cooperation and the multilateral trading system.