The establishment of a BRICS development bank, marine cable an trade and development risk pool will spur the five nations to greater cooperation while removing dependency on the developed world, South African President Jacob Zuma said on Wednesday.

Addressing a breakfast meeting attended by visiting heads of states and captains of industry at the on-going 5th BRICS Summit, Zuma said the BRICS development bank would mobilize domestic savings and co-fund infrastructure in developing regions.

"The aim of the Trade and Development Risk Pool is to establish a sustainable and alternative insurance and reinsurance network for the BRICS countries," Zuma said.

The BRICS cable will focus on new high capacity of 28,400 km linking the BRICS countries, thus removing dependency on developed countries through the provision of a direct route among the five nations.

These areas of cooperation would also tie in directly with the theme of the summit of BRICS and Africa – partnership for development, integration and industrialization, he added.

He also noted the signing of Memoranda of Understanding and cooperation agreements during the BRICS Business Forum on major projects which would enhance the business to business enrichment within BRICS.

To this end, the launching of the BRICS Business Council later on Wednesday would be a key measure to further increase intra- BRICS trade and investment.

"The council will serve as a platform to strengthen and promote economic, trade, business and investment ties between the business communities of the five BRICS countries," Zuma said.

Objectives of the council include the strengthening of trade relations, promoting of business relations, technology transfer and cooperation in the areas of skills development, banking, the green economy, manufacturing and industrialization.

"Furthermore, the formation of the BRICS Business Council this morning reiterates the commitment within the private sector to foster closer collaboration between the BRICS nations. I'm sure that this will set the tone for the BRICS Business Council going forward," Zuma said.

He urged the council to play an active role in carving out an implementation plan to accelerate economic co-operation and partnerships among enterprises within the BRICS nations.

"Opportunity is immense. Now is the time for the BRICS Business Council to lead private sector engagements and projects for mutual benefit and cooperation," he said.

The business forum presented its recommendations to the heads of states on issues ranging from agriculture and agro-processing to energy, the green economy, mineral beneficiation, infrastructure and finance.

Zuma said the inclusion of South Africa into BRICS three years ago was beginning to yield positive results.

He pledged South Africa's commitment in forging stronger ties within BRICS for stronger partnerships in a bid to deliver prosperity and progress to its people.

"These relationships are also viewed as mutually beneficial for our BRICS partners. An example of such partnerships can be the leveraging of South Africa's position on the continent as a leading investor through partnering with BRICS companies to explore commercial opportunities in Africa," he said. Endi

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