The council has identified five areas — infrastructure, manufacturing, financial services, energy and green economy and skills development — where the countries can explore business opportunities.
“Each country can support the other and take part in each other’s respective growth and development programmes,” Kanwar, also the chairman of BRICS Business Council (India), told HT. The council comprises five senior businesspersons from each BRICS member.
The council would seek special long-term visa, BRICS development bank, Intra BRICS trade using local currencies, independent rating agency from the governments of BRICS nations.
“BRICS is an important group in terms of its potential. We account for more than a quarter of the world’s land mass, 40% of the world’s population and a combined GDP of $24 trillion at purchasing power parity (PPP),” said Sujata Mehta, secretary, economic relations, external affairs ministry, had said at a recent press conference announcing the Prime Minister’s visit to Brazil.