Agro Perspectiva

BRICS to set up business council and development bank

25.03.2013 19:27 "Agro Perspectiva" (Kyiv) — BRICS nations are set to announce the launch of a business council within the organization that will implement investment projects involving several countries, Russia’s presidential aide Yuri Ushakov said on Monday, Voice of Russia reports. BRICS will also host a business forum, bringing together some 900 businessmen. It is also expected that the organization will announce the creation of the BRICS bank of development. The 5th BRICS summit is taking place in Durban, South Africa, on 26–27 March. This year the summit focuses on cooperation between BRICS and Africa. BRICS leaders will host their first ever ‘outreach’ meeting with the heads of African states and organizations. Russia’s delegation will comprise the country’s Foreign Minister Sergei Lavrov and presidential envoy in Africa Mikhail Margelov. BRICS leaders are also going to hold bilateral meetings with the heads of African states. On March 26 President Putin is meeting his South African counterpart Jacob Zuma. The talks are expected to result in the signing of 13 agreements on cooperation in energy and mining industry, as well as in space exploration. The most landmark document the two leaders are going to sign is called a joint declaration on comprehensive strategic partnership between Russia and South Africa. The Russian delegation in Durban will also feature Finance Minister Anton Siluanov, Economic Development and Trade Minister Andrei Belousov and Energy Industry Minister Alexander Novak. On March 26 President Putin is also scheduled to meet Indian Prime Minister Manmohan Singh. Mr. Putin`s talks with Egyptian leader Mohammed Morsi are scheduled for March 27. Since Moscow and Cairo have had no high-profile talks for quite a long time the meeting in Durban is anticipated by both sides. Mr. Putin and Mr. Morsi are going to discuss the situation in the Middle East and in northern Africa, as well as the Syrian crisis. The 5th BRICS summit starts with a breakfast meeting between the leaders and businessmen. The first day of the summit will also mark the establishment of the BRICS Business Council. Initiated by Russia, the proposed council will contribute to promoting a better cooperation between the state and business inside the BRICS nations. Each country in the council will have 5 representatives. Russia`s are the following: the head of the Russian state-run Rostechnology corp. Sergei Chemezov, the Vnesheconombank chairman Vladimir Dmitriev, CEO of the Russian Direct Investment Fund Kirill Dmitriev, the head of the Russian Railways Vladimir Yakunin, and president of the Russian Chamber of Commerce, Sergei Katyrin. The summit is expected to result in the creation of the BRICS development bank. The final decision depends on the BRICS leaders. Moscow expects the initiative to be approved, Mr. Ushakov said.