All is now set for South Africa to host a successful and memorable fifth BRICS Summit in Durban from the 26th to the 27th of March 2013, South African President Jacob Zuma said on Monday.

BRICS is an acronym for the powerful grouping of the world's leading emerging market economies, namely Brazil, Russia, India, China and South Africa.

Addressing the media in South Africa's capital city of Pretoria, President Zuma said the collective economies of BRICS are a crucial factor in the global economy and South Africa felt very honoured to be part of BRICS and host the group's 5th Summit. "BRICS is not a talk show. It is a very serious grouping. We are able to discuss things and take decisions. For the first time BRICS make Africa part of a serious grouping," President Zuma said.

He said the summit is being held at a time when trade between BRICS countries is experiencing a substantive growth.

Zuma said: "Intra-BRICS trade expanded by 28 percent in 2011, to reach 230 billion U.S. dollars."

"China ranks first amongst the BRICS partners and is South Africa's largest bilateral trading partner, with total trade expanding from over 20 billion U.S. dollars in 2011 to 22 billion U.S. dollars in 2012, are presenting growth of 7 percent," Zuma said.

On Tuesday South Africa will host the President of the People's Republic of China Xi Jinping for a State visit. Zuma said South Africa felt important to China for being given the privilege to host President Xi Jinping, so soon after his assumption of office.

"The China state visit is absolutely very important. We have very good relations with China. I believe it is important that he pays us a state visit, first to show us that our agreements are still there and that the new ones that we are going to seal will continue. We could count ourselves as important in the eyes of China for the fact that this state visits it done properly to us," Zuma said.

Zuma also pointed out that the 5th BRICS summit will strengthen BRICS-Africa relations. He said: "As part of making this milestone and promoting African renewal, I will be hosting the BRICS Leaders Africa retreat after the conclusion of the 5th BRICS summit."

Up to 15 African heads of states and governments are expected to attend the retreat under the theme of "Unlocking Africa's potential: BRICS and Africa cooperation on infrastructure."

Amongst key decisions expected to be taken at the BRICS summit is the establishment of the BRICS Development Bank that is expected to provide financial assistance to member states.

Zuma described the proposed bank as a major output of the summit. "It will assist in mobilising resources for infrastructure and sustainable development projects in BRICS and other emerging economies," He said.

A BRICS business forum, attended by representatives from member countries is scheduled to take place on Tuesday to further expand economic relations. A BRICS business council will also be launched during the summit.

In 2011, the BRICS share of the Gross Domestic Product (GDP) based on Purchasing Power Parity was estimated at 13.7 trillion U. S. dollars. This is about 30 percent of the world's GDP.

Zuma said he had no doubt that the 5th BRICS summit will be smooth sailing. "We have hosted mega events exceptionally well in the past, and we intend to make this BRICS summit a successful and memorable one for all delegates." he said.