What is one of the key sectors focused on by the BRICS Business Council?
Show answer & explanation
Correct answer: B
Explanation
Correct Answer
Infrastructure
Explanation
The BRICS Business Council focuses heavily on sectors that drive core economic growth and regional integration among its member nations. Infrastructure is one of the most critical working groups within the council, aiming to facilitate public-private partnerships, improve connectivity, and mobilize funding for large-scale projects like transport, energy, and digital networks. Other creative or lifestyle sectors like fashion and entertainment are not part of the council's primary economic mandates.
Key Points
The BRICS Business Council was established during the 5th BRICS Summit in 2013 in Durban, South Africa, to promote and strengthen business, trade, and investment ties.
It operates through nine specific working groups, including Infrastructure, Energy and Green Economy, Financial Services, and Digital Economy.
The focus on infrastructure is closely linked with the New Development Bank (NDB), formerly known as the BRICS Development Bank, which primarily finances infrastructure and sustainable development projects.
By prioritizing infrastructure, the council seeks to address bottlenecks in logistics and manufacturing, thereby making trade smoother and more cost-effective across the BRICS alliance.
Additional Facts
The five founding countries represented in the council are Brazil, Russia, India, China, and South Africa, though the alliance has since expanded to include new member nations.
The council submits an annual report directly to the BRICS Heads of State during the annual summit, offering private-sector recommendations on economic policy and development.
Important Questions and Answers
Question: In which year and during which summit was the BRICS Business Council officially constituted?
Answer: It was established in 2013 during the 5th BRICS Summit held in Durban, South Africa.
Question: Which financial institution works closely alongside BRICS to provide funding for the infrastructure projects recommended by the Business Council?
Answer: The New Development Bank (NDB) is the primary financial institution dedicated to funding these projects.