First BRICS Business Council meets in South Africa

Johannesburg, Aug 19 (IANS) Business leaders from Brazil, Russia, India, China and South Africa (BRICS) are meeting here Monday to identify specific measures to eliminate barriers to growing trade and investment.

Prominent business leaders from 19 other African countries are also taking part in the first BRICS Business Council meeting at the Sandton Convention Centre.

The Council was established by the BRICS heads of state and government during their summit in Durban in March 2013, to develop and grow business, trade, manufacturing and investment ties amongst the group countries and between them and Africa.

Council chairperson Patrice Motsepe said the two-day meeting would identify specific measures and initiatives to increase trade, business, manufacturing and investment ties among member-countries.

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

"We will also propose measures to eliminate barriers or hurdles to growing trade and investment ties amongst the BRICS countries and between the BRICS countries and Africa" said Motsepe.

He said it was important that African business leaders and entrepreneurs established partnerships and joint ventures amongst themselves and also network and exchange ideas to ensure that they significantly benefit from the various business, trade, manufacturing and investment opportunities between the BRICS countries and Africa.

To this end, sessions involving the African and BRICS business leaders will focus on promoting and increasing trade and investment between the BRICS countries and Africa.

A statement issued by the Department of Trade and Industry (DTI) said president Jacob Zuma and trade and industry minister Rob Davies were expected to address the meeting.

Zuma has described the establishment of the BRICS Business Council as a key measure to further increase intra-Brics trade and investment. The Council would serve as a platform to strengthen and promote economic, trade, business and investment ties amongst the business communities of the five BRICS countries.