BRICS Development Bank to benefit developing countries

A leading Indian businessman of BRICS chamber of commerce and industry said unday that the setting up of a BRICS Development Bank will help not only BRICS countries themselves, but many other developing countries.[Special coverage]

In an interview with Xinhua, B.B.L. Madhukar, Secretary General of the BRICS Chamber of Commerce and Industry in Delhi said that the upcoming summit in Brazil of BRICS countries leaders will decide on the establishment of the BRICS Development Bank and a Contingency Reserve Fund for BRICS countries.

"This will be a cooperation without financial commitment. The bank can provide assistance to other developing countries and offer financial rescue operation for poor countries. It will reach the common men and normal people of many countries and give something substantial, helping each other among BRICS countries as well," he said.

Madhukar said with the bank and the fund, BRICS countries can carry out cooperation in the fields of expertise and technological transfer, energy, tourism, IT development, education, health care, food security, production distribution and food pricing management.

"BRICS countries can find other selected areas for cooperation with financial backup," he said.

He said BRICS countries need to realize "meeting of minds" to further the cooperation, which he said is still limited to government levels rather than common people.

"People-to-people communication, various activities to be carried out by various walks of life in BRICS countries are very important. In India, the majority of people don't know the purpose of BRICS. We need to promote the interests of people in it through more interactive meetings," he said.

Madhukar also said that with over 30 percent of world GDP, 46 percent of world population, and 40 percent of world land, BRICS countries have a very wide space to increase cooperation among themselves and with other countries as well.

He said all BRICS countries are regional economic power centers with great influences in their peripheries. So it is easy for them to bring neighboring countries into the cooperation orbit.

"Many promises by G7 and G20 to world economic development are not delivered. The economy of the developed world is going down. The BRICS can play a big role in global economic and trade cooperation," he added.

On the role of BRICS Chamber of Commerce and Industry of India, which was set up two years ago, he said the association is providing information and education to people about BRICS cooperation, including law practices of each member countries.

It also encourage BRICS countries to learn from each other's experiences and investment environment while promoting tourism to increase people-to-people contacts. It has been holding a series of seminars, exhibition and other promotion activities to enhance BRICS cooperation, he said.