Durban: BRICS countries on Wednesday morning have launched the BRICS Business Council, the key institution expected to drive private sector investments among the five member countries.
South Africa President Jacob Zuma launched the council during the breakfast meeting he hosted for the other BRICS leaders from China, Brazil, India and Russia.
"The Council will serve as a platform to strengthen and promote economic, trade, business and investment ties between the business communities of the five BRICS countries," said President Zuma during the launch.
The BRICS Business Council's objectives include the strengthening of trade relations, promotion of business relations, technology transfer, and cooperation in the areas of technology development, banking, the green economy, manufacturing and industrialization.
"The formation of the Business Council this morning reiterates the commitment within the private sector to foster closer collaboration between the BRICS nations. I am sure that this will set the tone for the BRICS Business Council going forward," he said.
He said the council should play a very active role in carving out an implementation plan to accelerate economic cooperation and partnerships between enterprises of the BRICS nations.
"In this regard, we would like to see such tangible and practical projects when we meet at the next Summit in Brazil. Opportunity is immense. Now is the time for the BRICS Business Council to lead private sector engagements and projects for mutual benefit and cooperation," he said.
The proposed council will meet twice a year and the chairmanship will rotate every year in alignment with the political leadership.
Some of the names of the council include Apollo Tyres Chairman and Managing Director Onkar Kanwar, Murugappa Group Chief A. Vellayan, Modi Enterprises Chairman K. K. Modi, Suzlon Energy Chairman Tulsi Tanti, and Zen Technologies Managing Director Ashok Atluri.