South Africa to host first BRICS Business Council meet

Last Updated: Monday, August 19, 2013 - 13:32

Johannesburg: South Africa will Monday host the first BRICS Business Council meet aiming to increase the trade and investment ties between participating economies.

The two-day meeting will be attended by delegates from Brazil, Russia, India, China and South Africa as well as prominent business leaders from 19 other African countries, according to the chairman of the council, Patrice Motsepe.

The BRICS Business Council was established during the 2013 BRICS Summit in Durban in March, with South African businessman Patrice Motsepe named chairman of the body.

"The meeting will identify specific measures and initiatives to increase trade, business, manufacturing and investment ties between the BRICS countries and Africa," Motsepe said.

South African President Jacob Zuma described the establishment of the business council as a key measure to further increase intra-BRICS trade and investment.

He also said that the council would serve as a platform to strengthen and promote economic, trade, business and investment ties amongst five countries.

"We will propose measures to eliminate barriers to growing trade and investment ties amongst the BRICS and African countries," Motsepe said.

He said it is important for African business leaders and entrepreneurs to establish partnerships and joint ventures between themselves to ensure that they significantly benefit from business opportunities with the BRICS countries.

President Zuma, the Minister of Trade and Industry Rob Davies, and the chairmen of the member countries are expected to address the meeting.

PTI

First Published: Monday, August 19, 2013 - 13:32

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