Brics

EFFECT OF TECHNOLOGY ON FUTURE GROWTH OF BRICS

0  0 2015-08-31 11:01:34

BRICS is an association of five major economies of world -- Brazil, Russia, India, China and South Africa. The four BRIC countries Brazil, Russia, India, and China had met in Yekaterinburg for the first official meeting in 2009. South Africa was included in this association of emerging economies in 2010.

The agenda behind the formation of BRICS is reforming financial situation, Global economic situation, corporation means for future development, involvement in global affairs for all these countries. It encourages commercial, political and cultural cooperation between 5 nations. All these economies are fast growing with large of about 40 % of total world population.

There is great effect of technology to future growth of BRICS, for which we need to have a look at one country’s future technology policy. BRICS countries have well acknowledged the importance of technology that decides their future, and have clear direction in terms of policy making.

Brazil has plans to raise budget for science and technology continuously. Since independence and flexibility of the ministry is an important issue, government has set the direction of policy accordingly.

Russia is more focused on new technology such as energy efficiency, IT, nuclear energy and pharmaceutical. Some of new technologies have shown visible results: satellite navigation, mobile nuclear plants.

India’s competitive advantage is in its affluent human resources in science and technology area. Based on this, they aim to increase the global share of science publication from 3.5% to 7%. Recently, government has set New Science Technology Innovation policy in India.In India, SleepHungry Consultancy’s team have been working on several thoughts to understand the community need and ready to face the challenge and innovate new ways to fulfill community wish.

China has aggressive plan to set its science and technology to the world’s best level. It will increase R&D expenditure to 2.5% of GDP by 2020, and it will exceed that of US by 2023. ZIUBY – a website development company, has been serving its customer in Hong Kong since 2013, by giving them first priority.

South Africa is more focused on biotechnology and IT. With the development the above tech. infrastructure, the government is simultaneously encouraging private sector to invest more on entrepreneurship.

Recently in a BRICS meeting, the ministers of science, technology, and innovation discussed about collaboration of BRICS countries. If they can successfully cooperate and synergize their competitive advantage, BRICS countries can become the future growth engine of world economy

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