DURBAN, South Africa  - Chinese President Xi Jinping on Wednesday urged BRICS business communities to seize the opportunities presented by the development of their countries.

The ongoing process of industrialization, urbanization, informatization and agricultural modernization in BRICS countries boasts great market potential, which the business communities can tap into, Xi said at a breakfast meeting between political and business leaders of BRICS.

Noting that the economic development of emerging-market economies and developing countries has become a bright spot and an important component of the world economic development, Xi said the business circles now have a historic opportunity to promote cooperation.

The business communities of BRICS countries should seize the moment and cooperate more closely with governments to promote their countries' economic development, he added.

The Chinese president also pledged that China will stick to the basic national policy of reform and opening-up, adding that his country encourages Chinese enterprises to invest in other BRICS countries and welcomes investment by enterprises from other BRICS members.

At the breakfast meeting, business representatives called on BRICS countries to strengthen cooperation in such fields as infrastructure, mining, agriculture, finance and energy to boost their competitiveness.

Appealing for joint efforts to promote trade and investment liberalization and facilitation, they voiced hope for more policy and financing support by governments.

In a bid to foster private-sector cooperation between BRICS countries, the BRICS Business Council was launched at the breakfast meeting.

South African President Jacob Zuma said the council will serve as a platform for the business communities of BRICS countries to strengthen their economic and trade ties.

"The formation of the Business Council this morning reiterates the commitment within the private sector to foster closer collaboration between the BRICS nations. I am sure that this will set the tone for the BRICS Business Council going forward," he said.

The breakfast meeting came on the sidelines of the fifth summit of BRICS, an emerging-economy group consisting of Brazil, Russia, India, China and South Africa.

BRICS leaders are expected to endorse plans to establish a development bank and a foreign exchange reserves pool later in the day. They will also have a dialogue with African leaders to promote cooperation between BRICS and Africa.

Xi, who is on his first trip abroad as Chinese president, is expected to outline China's viewpoints on BRICS-Africa cooperation.