BRICS nations agree to boost MSMEs to foster employment
Updated: Mar 28, 2013 03:38:23pm
New Delhi, Mar 28 (KNN) The BRICS nations including emerging economies India and China have agreed to increase cooperation and technological advancement in the field of Small Medium Enterprises after the conclusion of the 5th annual summit held in Durban.
“We recognise the fundamental role played by Small and Medium-Sized Enterprises (SMEs) in the economies of our countries. SMEs are major creators of jobs and wealth.
In this regard, we will explore opportunities for cooperating in the field of SMEs and recognise the need for promoting dialogue among the respective ministries and agencies in charge of the theme, particularly with a view to promoting their international exchange and cooperation and fostering innovation, research and development,” said an official declaration.
BRICS is the association of developing and emerging economies consisting of Brazil, Russia, India, China and South Africa.
Meanwhile the member nations also approved the establishment of a new Development Bank.
“The initial contribution to the Bank should be substantial and sufficient for the Bank to be effective in financing infrastructure,” said the declaration.
It was also decided to create a Contingent Reserve Arrangement with an initial size of USD 100 billion which according to it is feasible and desirable, subject to internal legal frameworks and appropriate safeguards. (KNN)
“We recognise the fundamental role played by Small and Medium-Sized Enterprises (SMEs) in the economies of our countries. SMEs are major creators of jobs and wealth.
In this regard, we will explore opportunities for cooperating in the field of SMEs and recognise the need for promoting dialogue among the respective ministries and agencies in charge of the theme, particularly with a view to promoting their international exchange and cooperation and fostering innovation, research and development,” said an official declaration.
BRICS is the association of developing and emerging economies consisting of Brazil, Russia, India, China and South Africa.
Meanwhile the member nations also approved the establishment of a new Development Bank.
“The initial contribution to the Bank should be substantial and sufficient for the Bank to be effective in financing infrastructure,” said the declaration.
It was also decided to create a Contingent Reserve Arrangement with an initial size of USD 100 billion which according to it is feasible and desirable, subject to internal legal frameworks and appropriate safeguards. (KNN)
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