BRICS Business Council recommends ratings agency for emerging economies

The BRICS Business Council, which met here on Saturday during the ongoing eighth annual summit, suggested the member countries continue the dialogue for a new rating agency for emerging economies.

"Among key recommendations of various working groups of Brazil, Russia, India, China, South Africa Business Council is the continued dialogue on BRICS rating agency," Onkar Kanwar, chairman, BRICS Business Council - India Chapter, said during the meet.

With a huge scope for intra-BRICS cooperation in infrastructure development and financing, the formation of a group of angel investors was also one of the key recommendations of the council, he said.

The council said they looked upon the New Development Bank for developing an infrastructure project preparation facility and for a deep and vibrant capital market.

With the expansion of the BRICS agenda, the council also emphasised on the need to enhance business cooperation in agriculture by way of sharing of best practices among members.

Vikramjit Singh Sahney, Chairman, Sun International, suggested the council to do one flagship project in all of these suggested sectors.

The need to have investment facilitation agreements among the members was emphasised by Jose Rubens de La Rosa from the Brazil Chapter, while Xie Biao from the China Chapter said that if they consider BRICS as one economic community, they consider a very rich economic development potential.

South Africa emphasised that the country should be considered as a platform for the rest of Africa.

Looking to promote a vibrant environment for business through BRICS Business Council, China's Capt Xu Lirong said consensus on a number of issues was forged during the meeting.

The BRICS Business Council based on the recommendations and viewpoints in the meeting will present its annual report to the heads of the member countries on Sunday, Kanwar said.