BRICS, or Brazil, Russia, India, China, and South Africa, as we know it, was established in 2010 after South Africa joined it. The prime motive was development through co-operation. In 2015, the five BRICS countries represent over 3.1 billion people or about 41% of the world population. All of the five nations are a part of the G-20 summit and hence, have considerable sway over the matters; also ensuring a balance of power.
The African continent is emerging as an economy now. With the education levels rising in the continent, thanks to its citizens going abroad, getting an education and returning to the continent. This has increased the awareness regarding the importance of education and hence, led to a rise in the literacy rate. The continent is now emerging as a source of cheap labour and is now entering the race of developing economies.
“Those who used to stay in markets like this one have begun to return. You find them leading Africa’s high-growth companies and increasingly leading some of Africa’s ministries, and soon you’ll find them leading Africa as a state,” said Jonathan Berman, Senior Adviser, Dalberg; Fellow, Milken Institute, and author of Success in Africa, who gave remarks during the 6th Annual Symposium: Beyond the BRICs event held in the Raytheon Amphitheatre at Northeastern University. However, he added, “Much work still remains to educate the continent’s population as a whole”.
As the African continent is getting more focused as an emerging economy, many companies are looking towards the continent for outsourcing at a lower cost. This would lead to a shift of employment opportunities from the BRIC nations to the African continent. The economies of these nations now will face the challenge of creating employment opportunities for their people. These economies now will have to become self-reliant in their employment strategies.