India proposes BRICS incubator network, startup innovation fund

New Delhi: India has proposed a BRICS incubator network and a startup innovation fund to support growth in the member countries at the tenth BRICS Industry Ministers’ Meeting in Jaipur where the ministers adopted a joint declaration to advance industrial growth through enhanced cooperation on MSMEs, photovoltaics, startups, and logistics, the government said Thursday.

At the meeting, commerce and industry minister Piyush Goyal highlighted the outcomes of the extensive deliberations undertaken by an advisory group and the thematic working groups across the four priority areas identified by India.

“A key outcome of the meeting was the adoption of the Joint Declaration, reaffirming our shared commitment to advancing practical cooperation under the BRICS Partnership on New Industrial Revolution (PartNIR) and strengthening collaboration across industrial innovation, clean energy, logistics, and resilient manufacturing,” Goyal said in a social media post.


“India proposes BRICS Incubator Network and BRICS Startup Innovation Fund to support innovation-led growth,” the commerce and industry ministry said in a statement.

Member countries reaffirmed the importance of the PartNIR (Partnership on New Industrial Revolution) as a key platform for advancing practical collaboration, knowledge sharing, capacity building, and industrial innovation among BRICS members, it said.

The ministry added that India is also hosting the 16th BRICS Trade Ministers' Meeting in Jaipur on August 7 which will bring together trade ministers and senior officials from bloc’s member countries to deliberate on key issues relating to international trade and economic cooperation.

Bilaterals

On the sidelines of the meeting, Goyal discussed with Parks Tau, Minister of Trade, Industry and Competition of South Africa, the signing of terms of reference for India-SACU PTA and early conclusion of negotiations, strengthening the India-South Africa trade engagement and explored opportunities for cooperation in the critical minerals, pharmaceuticals & manufacturing sectors.

“We discussed ways to further strengthen our trade and economic partnership and explored opportunities for cooperation in agriculture, energy, and pharmaceuticals. We also reaffirmed our shared commitment to deepening the India–Brazil trade and investment partnership,” he said another social media post after meeting Márcio Fernando Elias Rosa, Minister of Development, Industry, Trade and Services of Brazil, on the sidelines.

With Khaled Hashem Ali Maher, Egypt's Minister of Industry, he discussed expanding economic cooperation and exploring joint opportunities with strong complementarities and huge opportunities between our great nations.