This paper is aimed at investigating the ways of overcoming imbalances concerning competition and industrial policies. The central principles of combining industrial and competition policies have been formulated on the basis of a discussion of challenges and opportunities for interaction in the field of industrial and competition policies in developing countries in general and BRICS in particular. When setting priorities, it is essential to pay attention to those sectors that demand highly qualified resources and that are characterized by relatively strong competition; industrial policy design should be more competition- and innovation-friendly, which, in its turn, means orientation at supporting companies on an equal basis instead of favoring one specific company; industrial policy should be based on a pragmatic approach that involves a cost-benefit analysis of providing assistance to a particular sector.

antimonopoly law, Austrian economics, competition policy, economic regulation, industrial policy, mechanisms of governance, new institutional economics, resource abundance.