While chairing the fifth meeting of BRICS Industry Ministers, he also said that it is essential to manage transition to new technologies in line with national policies and legislation, citing challenges of data protection and cyber security. BRICS countries include Brazil, Russia, India, China and South Africa
The NDB , formerly referred to as the BRICS Development Bank, is a multilateral development bank established by the BRICS countries with an initial authorised capital of $100 billion.
"The horizon of NDB should be expanded and resources be utilized for strengthening social infrastructure especially for funding service delivery in education and health sector, besides promotion of infrastructure and industrial sector," Goyal said.
Goyal said that in this swiftly changing world, the adaptability to new and emerging technologies like Internet of Things, Artificial Intelligence, 3-D Manufacturing and other processes and systems will determine the success of the grouping's efforts to embrace Industry 4.0.
"However, there are challenges of data protection and cyber security too. Therefore, it is essential to manage transition to new technologies in line with national policies and legislation. This understanding is at the heart of the BRICS cooperation agenda," Goyal said.
Emphasising that adoption of new technologies by MSMEs would play a crucial role in achieving the target of inclusiveness, he said that the BRICS partnership would be successful if "we as a group, on the basis of consensus, complement strengths of each other, share our best practices and learn from our weaknesses".
The BRICS ministers reiterated their commitment to make efforts to foster an open, fair, and non-discriminatory trade environment, ensure greater participation in global value chains, promote digital inclusion, and encourage the progressive, safe, equitable, and sustainable use of disruptive technologies for advancing growth.
As per an official statement, the bloc agreed on the need to build human resources in line with the changing requirements accelerated by the new emerging technology to promote training and skills development of the related workforce and businesses through workshops, seminars, and exchange programmes.
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