Moscow hosted the first BRICS Heads of Industrial Authorities meeting to discuss industrial cooperation and new opportunities for growth.
“We believe that speeding up the industrial cooperation of the Eurasian union with the BRICS countries could be boosted by joint infrastructure projects under the new [BRICS] Development Bank, as well as AIIB, Asian Infrastructure Investment Bank, in cooperation with the Eurasian development banks. Our union is open for cooperation in these areas with the partners to build stable, competitive and efficient cooperation,” Sergey Sidorsky said.
He added that BRICS is regarded as a strategic partner in industry by the EEC.
Sidorsky mentioned that the two groups could cooperate in agriculture, particularly in the dairy and meat industries, in agricultural infrastructure, and in new biological technology.
BRICS is an association of five major developing economies, including Brazil, Russia, India, China and South Africa. Together they account for one-third of the world’s economy and 40 percent of its population.
In July, the association’s New Development Bank (NDB), with an initial capitalization of $100 billion, was officially launched at the latest BRICS summit in the Russian city of Ufa. The NDB’s primary mandate is to finance infrastructure projects and promote sustainable development in BRICS member states and other emerging economies.
The Eurasian Economic Union is a Russia-initiated integration association, streamlining the flow of goods and services between member countries, including Russia, Kyrgyzstan, Armenia, Belarus, and Kazakhstan.