Representatives from Brazil, Russia, India, China and South Africa who held a BRICS Business Council meeting ahead of the group's main summit agreed on the importance of ensuring greater economic, trade and investment ties, current council chairman Dr Iqbal Surve said.

Surve, the executive chairman of the Sekunjalo Group, told the BRICS Summit in Johannesburg on Thursday that three major focus areas identified were fostering entrepreneurship among the youth, skills development for the 4th Industrial Revolution as well as agriculture and food security.

The 4th Industrial Revolution refers to the fourth major industrial era since the initial one of the 18th century, marked by emerging technology breakthroughs in robotics, artificial intelligence, blockchain, nanotechnology, quantum computing, biotechnology, The Internet of Things, 3D printing and autonomous vehicles.

BRICS Business Council initiatives including the establishment of the BRICS Credit Rating Agency and a new international payment system were also discussed at length, said Surve in a presentation to the summit, which was attended by the leaders of all five BRICS member states.

"It was expected that these initiatives would be signed during the annual meeting. However, the need for ongoing, additional consultation with the relevant stakeholders in the BRICS members countries was identified before finalisation could be reached," Surve said.

The 10th BRICS Summit, which ends on Friday, was held under the theme: BRICS in Africa: Collaboration for Inclusive Growth and Shared Prosperity in the Fourth Industrial Revolution.

Since its inception in 2013, the BRICS Business Council has been instrumental in fostering the group's spirit of mutual respect and understanding, equality, solidarity and cooperation.