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.
