MercoPress. South Atlantic News Agency

Lula visits BRICS development bank and Huawei's tech center

For the first time, a development bank with global reach was established without the participation of developed countries in its initial phase

Brazilian President Lula da Silva on Thursday in Shanghai visited the headquarters of the BRICS New Development Bank (NDB) and Huawei's technology development center. At the NDB, Lula met with NDB President Dilma Rousseff, and delivered a speech to the staff. It was the first time that a head of state had paid a visit to the bank.

“The decision to create the NDB was a milestone in the joint action of emerging countries... The creation of this bank showed that the union of emerging countries is capable of generating relevant social and economic changes for the world,” Lula tweeted in Portuguese.

For the first time, a development bank with global reach was established without the participation of developed countries in its initial phase. It was free, therefore, from the shackles of conditionality imposed by traditional institutions on emerging economies, he noted.

“The dream of creating the BRICS was to have a development instrument, which will certainly be strong, from the perspective of benefiting the countries,” Lula noted.

“In addition to continuing to work for reform of the UN, International Monetary Fund and World Bank, we need to creatively use the G20 and the BRICS... in order to strengthen priority issues for the developing world,” Lula underlined, adding that “we are back on the international scene after an inexplicable absence.”

The BRICS cooperation mechanism has made great progress in recent years, especially in the areas of trade and investment, the digital economy and green development. The mechanism carries the expectations of many developing countries and has produced a demonstrative effect of “South-South cooperation,” and it will expand the representation and voice of emerging countries in global governance, analysts noted.

Algeria, Iran and Argentina have applied to join the BRICS, showing the international attraction of the mechanism.

After concluding his visit to the NDB, Lula visited the Shanghai Research Institute of Chinese tech company Huawei on Thursday afternoon. “I visited Huawei's technology development center. The company gave a presentation on 5G and solutions in telemedicine, education and connectivity. A very strong investment in research and innovation,” he tweeted.