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Durban - The DA welcomed the establishment of the Brics Business Council on Wednesday.
"The business council is the primary vehicle by which the hope of private sector-led growth can truly take off in Africa," said Democratic Alliance spokesperson Wilmot James.
He said the council could potentially become a platform to trade and develop commerce worldwide, and an axis of influence which could alter the traditional distribution of economic power in the world.
Black Management Forum (BMF) spokesperson Rowena Baird said the business council had the ability to put in place practical measures which could deepen economic engagement and skills transfer among Brics countries.
Brics is the group of developing countries made up of Brazil, Russia, India, China, and South Africa.
"The BMF pledges its unwavering support and is committed to the Brics Business Council in the execution of its duties, which could contribute to our vision for a South African economy three times its present size, job creation and significant reductions in poverty and inequality," Baird said.
The BMF congratulated South African mining billionaire Patrice Motsepe on being chosen to chair the council.
The Brics Business Council was established during the fifth Brics summit, in Durban, on Wednesday, to serve as a platform to strengthen and promote economic trade and investment ties between the business communities of the Brics countries.
It would also focus on strengthening trade relations, technology transfer and co-operation in the areas of skills development, banking, the green economy, manufacturing and industrialisation.
Slideshow: Higher investment for Brics - UN
