Brazil, Russia, India, China and South Africa created the BRICS association based on equality and mutual benefit. But can they make their alliance truly profitable politically, as well as economically? Find out which BRICS members suffered the most from the 2008 financial crisis. Discover what areas of their economies kept growing despite growing pressure from the West. See how the bloc's members want to empower small and medium enterprises and to encourage economic growth. Listen to our special series "Outgrowing Frontier Markets: How Small Businesses Reshape BRICS Economies."
As eLearning technologies take the world by storm, BRICS members such as Brazil are taking full advantage of the trend, and are prepared to share their experience with the other bloc members – Russia, China, South Africa and India.
In the 1990s Russia opened its doors to foreign fast-food chains, most of them being US brands. Now the country wants to export its own cuisine and culture abroad, and considers the BRICS countries as a promising market for fast-food franchise sales.
Even though it represents the last letter in the BRICS acronym, and it was the last country to join the association in 2010, South Africa has instantly become an equal partner for Brazil, Russia, India and China. Along with other member states, the country is now taking steps to develop its small and medium enterprises.
While the Russian economy relies heavily on big companies, India is well-known for its micro, small and medium enterprises. Indian entrepreneurs see a lot of potential in working with Russia, especially when it comes to doing business in the country’s regions.
A simple navigation assistance app and a car accessory produced by the Russian-born company HUDWAY grabbed the headlines in many countries, including the US, several years ago. With its new product currently entering mass production stage, the tech startup is aiming at even wider distribution, including sales in four BRICS member states.