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1st BRICS Business Council meet next week
August 16, 2013, 10:08 am

BRICS flags flying high in Durban during the 5th BRICS Summit [GCIS]

The BRICS Business Council was formed in Durban during the 5th BRICS Summit [GCIS]

The newly formed BRICS Business Council will hold their first meet in Johannesburg on 19th-20th August, South Africa’s Department of Trade and Industry (DTI) said on Thursday.

President Jacob Zuma will address the meet alongwith the South African Industry Minister Rob Davies.

BRICS are looking to step up investment cooperation even as capital flight and tumbling currencies have been a recent constraint in emerging markets.

“The meeting will also identify specific measures and initiatives to increase trade, business, manufacturing and investment ties among the BRICS countries and between the BRICS countries and Africa,” Chair of the BRICS Business Council Patrice Motsepe said in the DTI statement.

South African mining magnate Patrice Motsepe was chosen as the first chairperson of the BRICS Business Council.

In a bid to include greater participation of the African Union, the BRICS Business Council has also invited business leaders from 19 other African countries to the maiden meet.

“Africa has an emotional history with BRICS member states,” said Motsepe during the 5th BRICS Summit in Durban in March this year.

The African Union was an observer at the BRICS Summit earlier this year.

The meet will look at removing “barriers or hurdles to growing trade and investment ties amongst the BRICS countries and between the BRICS countries and Africa”, the statement said.

The BRICS Bank and the BRICS Business Council are two of the first official institutions to be formed at the BRICS Summit.

Intra-BRICS trade stands at more than $360 billion and is expected to reach $500 billion by 2015.


The BRICS Post

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