Meeting of the BRICS Heads of Industrial Authorities

On 20 October 2015, Moscow hosted the first Meeting of the BRICS Heads of Industrial Authorities. The meeting focused on industrial cooperation between BRICS countries and new opportunities for growth.

The parties developed a short-term action plan and discussed sensible approaches and instruments to implement essential projects, which would be growth points in cooperation between the five countries.

Chinese Minister of Industry and Information technology Miao Wei proposed using the New Development Bank for investments in other countries and promoting cooperation between BRICS countries in developing technical standards and creating industrial parks, as well as in innovation and clean energy.

The agenda also included prospects for developing small- and medium-sized businesses in BRICS countries. Deputy Minister of Commerce and Industry of India Ravi Capoor, noting the importance of the sector, said that the development of small- and medium-sized businesses will enhance the industrial capabilities of BRICS countries. "Forty percent of the economy is driven by this sector. In addition, this sector creates a large number of jobs," she said.

Following the meeting, the parties signed the Declaration on Industrial Cooperation Between BRICS Countries.

During a news conference held after the meeting, the officials addressed prospects for promoting cooperation between BRICS countries in various fields and industries. Brazilian Deputy Minister of Development, Industry and Foreign Trade Carlos Gadelha spoke about his country's initiative to strengthen cooperation with Russia in aerospace and biotechnology. Brazil also plans to increase the trade turnover between the two countries from the current $6-7 bln to $10 bln.