South Africa to host first BRICS Business Council meet

South Africa will host the first BRICS Business Council meet aiming to increase the trade and investment ties between participating economies.

The two-day meeting will be attended by delegates from Brazil, Russia, India, China and South Africa as well as prominent business leaders from 19 other African countries, according to the chairman of the council, Patrice Motsepe.

The BRICS Business Council was established during the 2013 BRICS Summit in Durban in March, with South African businessman Patrice Motsepe named chairman of the body.

“The meeting will identify specific measures and initiatives to increase trade, business, manufacturing and investment ties between the BRICS countries and Africa,” Motsepe said.

South African President Jacob Zuma described the establishment of the business council as a key measure to further increase intra-BRICS trade and investment.

He also said that the council would serve as a platform to strengthen and promote economic, trade, business and investment ties amongst five countries.