BRICS is an acronym for the combined emerging economies of Brazil, Russia, India, China and South Africa. BRICS is an independent international organization. Cooperative relations among BRICS nations are rooted in non-interference, equality, and mutual benefit of the combined economies. In 2001, Goldman Sachs predicted these economies to be wealthier than most of the current major economic powers by 2050. Originally, the alliance was known as “BRIC” before the inclusion of South Africa in 2010.
As of 2015, these 5 economies represent more than 3 billion people which is more than 40% of the world’s population. All 5 of these fast growing economies are characterized as developing or newly industrialized, and have significant influence on global affairs. It is estimated that the combined GDP of BRICS will reach $50 trillion by 2020. Goldman Sachs predicts that China and India will be positioned as the world’s dominant suppliers of manufactured goods and services, while Brazil and Russia will dominate the supply of raw materials.
Travel to the BRICS countries is steadily increasing as the opportunity for foreign expansion in promising economies becomes relevant to growing industries, especially those looking to reduce or minimize the cost of labor and production. BRICS economies offer lower labor and production costs, and a wealth of investment opportunity. Interestingly, 4 of the 5 BRICS countries require US citizens to get a visa prior to travel. If your growing business requires your employees to obtain Brazil Visas, Russia Visas, India Visas, or China visas, apply well in advance. Note that all of these countries now offer long term visas to US citizens ranging from 3-10 years. Contact Swift for more information about visas, and check out these helpful resources to learn more about BRICS.