BRICS business leaders seek 'angel investor network'

Business leaders from BRICS countries on Saturday pitched for creation of 'angel investor network' within the grouping to encourage innovative startups.

"We have recommended creation of a BRICS angels network which can help talented young entrepreneurs across the BRICS countries to create an ecosystem of startups," Onkar S Kanwar, chairman of the BRICS business council, told reporters here on the sidelines of the 8th BRICS Summit.

He said this initiative of promoting entrepreneurship will boost innovation in the 5-nation group, which comprises Brazil, Russia, India, China and South Africa.

The network is one of the key recommendations of the council for strengthening economic and financial cooperation among member countries.

Asked if creating a dedicated venture investment fund was also on cards, Kanwar declined to give a direct reply but later said that having a development bank of BRICS countries was also an idea which materialised successfully (in the shape of NDB).

Among other recommendations, the council has suggested bilateral agreements among the countries on the social security front for workers moving from one member country to another.

It also plans to seek the Shanghai based New Development Bank's support for setting up infrastructure development facility which will provide assistance across the entire process till project completion.

The council has also made a pitch for settling trade in local currencies rather than depending on foreign ones.

Other recommendations deal with cooperation on agri business, energy, skill development and manufacturing.