Members of the Brazil, Russia, India, China and South Africa (Brics) group of countries will launch the Brics Business Council at the fifth Brics Summit, in Durban, from March 26 to 27.

Each Brics country is to nominate five business leaders that would make up the business council.

In this regard, South Africa has nominated African Rainbow Minerals executive chairperson Patrice Motsepe, Business Unity South Africa CEO Nomaxabiso Majokweni, Black Business Council secretary-general Sandile Zungu, black-controlled investment company Sekunjalo executive chairperson Iqbal Surve and Transnet CEO Brian Molefe, while pharmaceuticals company Aspen strategic trade development senior executive Stavros Nicolaou would serve as an alternate.

Trade and Industry Minister Dr Rob Davies said the council would serve as a platform to strengthen economic ties, trade and investment between the business communities of the Brics countries. He stated that this would provide technical support, consultative advice and facilitate the implementation of multilateral business projects.

He explained that the Brics Business Council would focus on promoting trade and industry, business cooperation, technology transfer and development, as well as tapping into business opportunities in third-world countries and multilateral business.

The council would also play an advisory role, while working to progress cooperation in the fields of manufacturing, infrastructure, banking and financial services, green economy, skills development and training, as well as small and medium-sized enterprises.

The Minister added that the council would facilitate regular dialogue between the business communities and the five Brics governments.

“The Brics Business Council will also constitute sector working groups and will submit yearly reports to the Brics leaders during the annual Brics Summit," he pointed out.