Durban: Captains of Indian industry have given a call for promoting small and medium enterprises and easing trade relations between member countries representing BRICS (Brazil, Russia, India, China and South Africa) for overall growth.
They voiced these views at the ongoing fifth BRICS Summit in Durban, South Africa. Briefing the media on the sidelines of the conference, Naina Lal Kidwai, country head of the Hong Kong and Shanghai Banking Corporation (HSBC) in India, said that the mid-sized business enterprises need continuous support.
“Another common theme was the SME (small and medium enterprise) sectors. All the countries want to support SME engagement and that as you know is always a challenge but it is also an opportunity because big business finds its way, it is really the mid-sized businesses that need support,” said Kidwai.
Commenting on boosting trade ties between nations, Chairman and Managing Director of Apollo Tyres, Onkar S Kanwar said: “You know we have to have a free flow of people as well as goods and services. Today there are no direct selling between countries. There are no direct approaches, we talk of so called BRICS, but BRICS should be something where we can easily do business, easing of doing business. We should have preferential treatments, now what is happening is today all the mining is done here; it is sent back as you know the basic raw material. Why can’t that be set here and create industry?”
The BRICS countries have invited African states to take part in discussions at the summit under the theme "BRICS and Africa - Partnerships for Integration and Industrialisation," to explore the potential for the development of cooperation between them.
The summit is expected to give the go-ahead for a joint foreign exchange reserves pool as well as an infrastructure bank. The initiative is being hatched partly out of frustration with international financial institutions that they judge to primarily reflect the interests of industrialised countries.