JOHANNESBURG — Members of the Brics group of emerging economies are setting up a Business Council to strengthen economic ties‚ trade and investment between the business communities of the five countries‚ the Department of Trade and Industry (DTI) announced on Wednesday.
— Fin24.com
South Africa will be hosting a summit of the Brics members — Brazil‚ Russia‚ China‚ India and SA in Durban later this month.
Each Brics country will be nominating five business executives who are leaders of different business organisations or sectors‚ the DTI said.
SA has nominated mining magnate Patrice Motsepe as the chairperson of its representatives‚ who will also include Business Unity SA CEO Nomaxabiso Majokweni‚ Zungu Investment executive chairperson Sandile Zungu‚ Sekunjalo group chairperson Iqbal Surve and Transnet CEO Brian Molefe. Aspen Pharmacare CEO Stavros Nicolau would serve as an alternate‚ the DTI said.
The Business Council will provide technical support‚ consultative advice and facilitate the implementation of multilateral business projects‚ Minister Rob Davies said.
Areas of focus include promotion of trade and industry and business co-operation‚ technology transfer and development‚ tapping business opportunities in other countries and multilateral business.
The council will also have an advisory role and facilitate co-operation in the fields of manufacturing‚ infrastructure‚ banking and financial services‚ green economy‚ skills development and training‚ and small and medium enterprises‚ Davies said.
- Chamisa under fire over US$120K donation
- Mavhunga puts DeMbare into Chibuku quarterfinals
- Pension funds bet on Cabora Bassa oilfields
- Councils defy govt fire tender directive
Keep Reading
The council will host regular dialogue between business communities and the five Brics governments.
Sector working groups will be set up and the council would submit an annual report to the Brics leaders during the summit‚ Davies added.
