Industrial development is the key source of sustaining economic growth for the BRICS nations, with concerted efforts needed for intensifying cooperation of industrial production capabilities, establishing industrial parks and clusters and promoting core sector industries, the final declaration adopted by the leaders of the five countries said.
The declaration stated that the nations will strengthen their cooperation to counter international terrorism, giving the central role in this action to the United Nations.
The declaration also gives an assessment on the current global political and economic situation and enlists the common approaches of the BRICS countries on the most topical issues of multilateral cooperation. The leaders also adopted an action plan that details the work of the group for the upcoming year and also includes the new promising areas of cooperation.
“We emphasise 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 recognise that industrial development is a fundamental source of growth for the BRICS countries, which possess ample natural resources and significant labour, 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 mobilisation of resources from financial institutions and the encouragement of private investment,” it said.