The BRICS National Youth Consultative Forum opened here on Friday, with host country South Africa proposing the development of a clear BRICS Youth Development Strategy. Part of this strategy must be about more investment by BRICS nations in addressing youth unemployment and the establishment of a BRICS Youth Employment Fund, South Africa's National Youth Development Agency (NYDA) Chairperson Yershen Pillay told delegates. "This Youth Employment Fund should seek to encourage and support programs aimed at job creation for young people in the countries of BRICS," Pillay said. "This fund should be set up by 2014. That is our call as the NYDA," said Pillay. The forum, hosted by the South African Department of International Relations and Cooperation, was held as BRICS nations (Brazil, Russia, India, China and South Africa) were stepping up efforts to address youth unemployment. Pillay said youth unemployment is a global challenge and not unique to any particular country including South Africa. According to the International Labor Organization, the global youth unemployment rate is estimated at 12.6 percent and close to its crisis peak. As many as 73 million young people worldwide are estimated to be unemployed in 2013. "Forget about the atom bomb, forget about a nuclear bomb, the ticking time bomb of youth unemployment will have far more devastating impacts if left unabated. We must launch an international war against youth unemployment. That is our biggest enemy as the youth today," Pillay noted. South Africa's participation in BRICS would have little meaning if it did not take into consideration the plight of young people, he said. Support for young entrepreneurs amongst the BRICS nations can and will lead to more jobs for more youth, not to mention the socioeconomic benefits of having higher levels of youth participation in entrepreneurship, Pillay said. Participants at the forum are discussing ways to tackle challenges to job creation for youths. One of the specific issues will be the anticipated BRICS Development Bank with regards to facilitation and improved access to finance for youth-owned businesses. "To a certain extent we need to influence what its loan or funding policy will be and to ensure that it becomes youth friendly," said Pillay. Other issues to be explored include the role of the BRICS Business Council in creating market linkages and identifying opportunities for youth-owned business, as well as Education and Skills Development Opportunities provided by BRICS.