BRICS PartNIR Innovation Center has signed MoU with a BRICS bank.

• The name BRICS stands for Brazil, Russia, India, China, and South Africa, a group of emerging markets. It is home to more than 40% of the worldwide population and a quarter of the global economy.
• The BRICS Partnership on New Industrial Revolution (PartNIR)Innovation Center and the BRICS New Development Bank (NDB) signed a memorandum of understanding (MoU) to enhance bilateral cooperation and boost BRICS countries’ common development.

KEY POINTS:

• The Memorandum of Understanding was signed via video link at the port city of Xiamen, Fujian Province, East China.
• On behalf of the two parties, HuangWenhui, executive vice chairman of the BRICS PartNIR Innovation Center council, and Marcos Troyjo, president of the NDB, signed the MoU.
• The two sides will prioritise collaboration in areas such as artificial intelligence, the industrial internet, energy conservation, and environmental protection, according to the MoU, through cooperative research, staff training, and information sharing on infrastructure and sustainable programmes.
• In December 2020, the BRICS PartNIR Innovation Center opened in Xiamen. The NDB was founded by the BRICS countries and is headquartered in Shanghai.