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TBP (Durban, South Africa) – Kirill Dmitriev, CEO of the Russian Direct Investment Fund said the BRICS Summit has established significant elements to the institutionalisation of BRICS, including the BRICS Business Council which was an idea mooted by Russia.
Speaking exclusively to The BRICS Post, Dmitriev emphasised that the “BRICS Business Council is a very practical platform to develop and move forward specific projects between the member countries.”
The BRICS Business Council was launched in Durban today by South African President Jacob Zuma.
“A key measure to further increase intra-BRICS trade and investment is the establishment of the BRICS Business Council which we are launching at today’s session,” said Zuma.
Dmitriev highlighted the Russian aero-space agreement with South Africa, among the major bilateral deals signed on the sidelines of the Summit.
South Africa’s state-owned Denel Aviation company will start servicing Russian-made helicopters operating in sub-Saharan Africa, in a boost to major bilateral defense cooperation.
President Zuma and his Russian counterpart Vladimir Putin witnessed the signing of an additional nine bilateral agreements at the Durban’s International Conference Centre on Tuesday evening.
The agreements cover air safety, education, arts and culture, fishing, mining, transport, energy and science and technology.
“These agreements will enable South Africa and Russia to exchange views on peace and security in Africa and the Middle East. They signify our deepening relations with Russia,” said President Zuma.
Dmitriev also asserted that “a lot of the inspiration for the BRICS Bank comes from Russia’s national development bank, Vnescheconombank ( VEB) which has substantial experience in building good infrastructure platform, which other BRICS countries want to emulate.”
The BRICS Business Council will consist of 25 members with five from each country.
Dmitriev said, “The number five has symbolic importance for BRICS as the bloc has five dynamic member countries.”
Daria Chernyshova for The BRICS Post