Under the witness of the BRICS Heads of State, the BRICS Business Council was established during the BRICS Heads of State Summit of 26-27 March 2013 which was held in Durban, South Africa and in terms of the “Declaration on the establishment of the BRICS Business Council”.
The BRICS Business Council is composed of 25 prominent entrepreneurs from Brazil, Russia, India, China and South Africa, representing various industries and sectors in the BRICS nations.
The BRICS Business Council has established five Industry/Sector Working Groups, which are:
– the Infrastructure Working Group which includes transport, rail, road, ports, airlines;
– the Manufacturing Working Group which includes pharmaceuticals, healthcare and generic medicines, high technology, value added manufacturing, minerals beneficiation and value add, steel mills, agroprocessing;
– the Financial Services Working Group which includes banking, insurance, investments, the BRICS Development Bank;
– the Energy and the Green Economy Working Group which includes electricity, renewable energy, solar power, natural gas, oil, hydropower; and
– the Skills Development Working Group.
The BRICS Business Council is one of the most important mechanisms for BRICS cooperation. As the “Declaration on the establishment of the BRICS Business Council” states, “The BRICS Business Council will constitute a platform which will strengthen and promote economic, trade, business and investment ties among the Business communities of the five BRICS countries. The Business Council will ensure that there is regular dialogue between the Business communities of the BRICS nations and the Governments of the BRICS countries. The Business Council will also identify problems and bottlenecks to ensure greater economic, trade and investment ties among the BRICS countries and recommend solutions accordingly.”
↓Click flag to show each members of BRICS Business Council.