BEIJING – BRICS have broad prospects for economic cooperation and will make bigger contribution to the global economy in the future, an analyst said ahead of a business forum in early September. BRICS is the association of five major emerging national economies; Brazil, Russia, India, China and South Africa.

"There is enormous potential for cooperation in trade, investment, finance and infrastructure among the five countries,” said Jiang Zengwei, head of the China Council for the Promotion of International Trade.

Jiang cited factors including huge markets, rich natural resources, economic disparities, favorable policies and active businesses. "Uncertainties and unstable factors exist, but opportunities outshine challenges.” BRICS Business Forum, a major side-event of BRICS Summit, is expected to gather a record 1,200 attendees in Xiamen, east China’s Fujian Province on September 3 and 4, including executives from more than 50 Fortune 500 multinationals. The meeting will focus on global economic growth, including trade and investment, financial cooperation, connectivity, and the blue economy. BRICS accounts for 23 per cent of the world economy, 16 per cent of foreign trade and 12 per cent of outbound investment, and contribute to more than 50 per cent of the global economic growth.

Xinhua.