Development key focus for BRICS group

Nations must team up for pursuit of common prosperity, experts say

Countries in the BRICS group need to work together to improve people's well-being and promote the common development and prosperity of all countries, experts said at a forum.

The BRICS Seminar on Governance 2021, with the theme "Building Consensus and Confidence for BRICS Cooperation with a Shared Future", was held on Tuesday and Wednesday.

Zhou Qiangwu, vice-president and chief administrative officer of the New Development Bank, said that over the past 15 years, the BRICS countries have explored effective cooperation models, and the establishment of the New Development Bank came as a milestone event.

Since its start in 2015, the bank has launched effective and pragmatic initiatives to boost the common development and prosperity of the BRICS countries. So far, it has invested more than $30 billion in 80 projects, covering sectors including clean energy, transportation, urban development, sanitation, social infrastructure and digital infrastructure, Zhou said.

After the outbreak of COVID-19 last year, the bank moved quickly to set up a $10 billion loan mechanism to confront the emergency. Under this initiative, made possible by the support of the participating countries, fast-track approval was made for emergency loans totaling $9 billion to the BRICS countries, Zhou said.

"Currently the world economy is at an important moment of recovering from the pandemic and BRICS countries face a more complex situation and more evident challenges for development," he said. "The New Development Bank will continue to advance the work required in fields such as green finance, digital infrastructure, and trade in order to provide new impetus for the more green and inclusive economic growth of BRICS countries."

The group brings together Brazil, Russia, India, China and South Africa. The nations account for 42 percent of the world's population, 24 percent of the global economy, 17 percent of world trade, and 25 percent of the world's total foreign investment, the forum was told.

Busani Ngcaweni, principal of the National School of Government in South Africa, said that the common values and purpose of the five countries include fairness, justice and inclusiveness, as well as the pursuit of a more representative, multipolar international system.

He said South Africa is working to address the challenges of inequality, poverty and unemployment, and the government has activated many measures to respond to the pandemic and boost economic growth.

He said China has successfully addressed extreme poverty, and other countries in the BRICS group are eager to learn from China's experience.

He notes that South Africa gained $2 billion in loans from the New Development Bank to help the country fight the pandemic and revive its economy.

Valuable cooperation

"BRICS cooperation is very valuable and can bring great benefits to South Africa as well as to Africa as a whole," he said.

Du Zhanyuan, president of China International Communications Group, told the forum that the five countries are at a similar stage of development, with great potential for economic development. Accelerating development, especially in a sustainable way, is a priority for all countries.

He said the five countries, dealing with the dual tasks of fighting the COVID-19 pandemic and rebuilding their economies, should focus on development, share development experiences and outcomes, and strengthen their capacities for sustainable development.

Paulo Nogueira Batista, professor of the Celso Furtado Chair at the Federal University of Rio de Janeiro in Brazil, said that for many developing countries, their needs are not adequately recognized by the international organizations, such as the International Monetary Fund.

But the BRICS countries have the ability to boost the common development and prosperity of all countries. Batista cited the progress made by China and India in improving the livelihoods of their citizens and tackling poverty.