The BRICS Business Council will be a key measure to further increase Intra-Brics trade and investment. This was said by President Jacob Zuma at the launch of the Brics Business Council which took place at the Inkosi Albert Luthuli International Convention Centre in Durban today.
“A key measure to further increase intra-Brics trade and investment is the establishment of the Business Council which we are launching at today’s session. 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.
He added that the Council’s objectives include the strengthening of trade relations; promotion of business relations; technology transfer; and cooperation in the areas of skills development, banking, the green economy, manufacturing and industrialisation.
“Furthermore, the formation of the Business Council 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,” added President Zuma.
He urged the Chairs of the Council and members to 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. Opportunities are immense. Now is the time for the Brics Business Council to lead private sector engagements and projects for mutual benefit and cooperation,” concluded President Zuma.
The Minister of Trade and Industry, Dr Rob Davies, who facilitated the launch proceedings, described the event as “a historic occasion for South Africa” as it marked the birth of an institution that would contribute immensely to strengthening trade relations amongst the five countries, as well as bring businesspeople together to establish partnerships and increase trade and investment.
Mr Davies announced that the Council will be chaired by South African businessman Mr Patrice Motsepe. In his speech, Motsepe said the council would add value to the Brics grouping as it will play a critical role in the creation of jobs and investment opportunities through partnerships that should also extend to other parts of the African continent.
“From the South African perspective we will be embarking on an expensive and expansive consultation process in order to make sure that small businesses, businesses based in rural areas, as well as women-owned and youth-owned businesses benefit from our membership of Brics and the business council,” said Motsepe.
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Sidwell Medupe
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E-mail: MSMedupe@thedti.gov.za
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