VIENNA, 20 November 2012 – The industrial development challenges currently facing the BRICS countries (Brazil, the Russian Federation, India, China and South Africa) were the focus of a roundtable meeting organized during the 40th session of the UNIDO Industrial Development Board.
Senior Government representatives from the BRICS countries emphasized that the manufacturing sector was the driving force for economic development, technological progress, job creation and poverty alleviation. However, they noted that each country had different experiences in promoting the development of the manufacturing sector and increasing its share in the GDP structure.
In this context, participants agreed that structural economic transformation to enhance the role played by the manufacturing sector has been one of the most important elements of the BRICS countries’ development strategies, particularly in Brazil, China and India, over recent decades.
There was agreement too that industrial policy focusing on job creation, innovation, foreign direct investment and competitiveness has been crucial for forging economic growth, reducing poverty and offsetting the development disparities between regions within a country.
Developing countries could benefit tremendously from an understanding of the different experiences of the BRICS countries in promoting their industrial policies, said participants.
The roundtable discussion was a contribution to the creation of a global platform for sharing knowledge of, and learning from, the BRICS countries’ varied experiences of development patterns.
A new UNIDO publication, Structural change, poverty, reduction and industrial policy in the BRICS, was launched at the event. The report analyses the industrial development trajectory of the BRICS, provides a review of structural change and diversification, and analyzes the impact their various experiences can have on other developing countries.
The report states that, within just 20 years, the BRICS economies have come to account for a substantial part of global GDP, world manufacturing value added and global manufacturing exports. The average growth rate of the BRICS between 2001 and 2010 was twice as high as the OECD countries’ average, and while exports have certainly played a key role - especially for China - the BRICS countries’ growth rate is now increasingly driven by domestic consumption, investment and productivity growth. Sustained economic growth, an increasing significance as global markets and production hubs, and successful poverty reduction efforts, make the BRICS a reference point for developing countries seeking to emulate these accomplishments.
UNIDO representatives voiced their readiness to further cooperate closely with BRICS and their interest in contributing to the March 2013 BRICS summit in Durban, South Africa.
To view the presentation by Jomo Kwame Sundaram, click here
For more information on the report and the event, please go here or contact:
For more information, please contact:
Senior Coordinator for UNIDO-BRICS Cooperation