The BRICS Business Forum

The BRICS Business council held the forum through video conferencing.

• The BRICS Business council held the forum through video conferencing.
• The council was formed in 2013 summit in Durban, to increase trade and investment among the member countries of BRICS.
• Russia chaired the meet as it is currently holding the rotating leadership of BRICS.
• One of the main tasks of the council is to update the Strategy for Economic Partnership of BRICS. The plan focuses on business-to-business engagements to create transactions and explore investment opportunities among member countries.
• During the meet, the council discussed on ways to restore economies of BRICS countries, impact of COVID-19 pandemic on industrial production. Also, the development of women entrepreneurship within BRICS was discussed.
•  BRICS represents 3.1 billion people. This is about 40% of world population. Also, it contributes 30% of world GDP.
• New Development bank was established during the fourth BRICS Summit held in New Delhi. The headquarters of the bank is located in Shanghai.