In economics, BRICS is a grouping acronym that refers to the countries of Brazil, Russia, India, China and South Africa which are all deemed to be at a similar stage of newly advanced economic development. It is typically rendered as "the BRICS" or "the BRICS countries" Much speculation and criticism about this multi country initiative came from various individuals, but its collective contribution to world GDP increasing from 11% in 1990 to 25% in 2011 seems to have silenced critics.    

The acronym BRIC (Brazil, Russia, India and China) was coined in 2001 by Jim O'Neill from investment bank Goldman Sachs in a paper entitled “Building Better Global Economic BRICs”. The acronym has come into widespread use as a symbol of the apparent shift in global economic power away from the developed G7 economies towards the developing world.

South Africa officially joined in 2011 and the acronym was extended to BRICS. These countries’ collaboration is aimed at meeting economic needs of this century which include infrastructure development, consumption and increased trade. The strength of the BRICS economies is of ever increasing importance to the global economy.

The objectives of the BRICS initiative are

• Cooperation for growth, security prosperity
• Peace and security
• International finance system
• Cyber crime
• Strategic and military considerations
• Social problems and equity

Projections on the future power of the BRICS economies vary widely. Some sources suggest that they might overtake the G7 economies by 2027. More modestly, Goldman Sachs has argued that, although the four BRIC countries are developing rapidly, it was only by 2050 that their combined economies could eclipse the combined economies of the current richest countries of the world.

In 2010, however, while the four BRIC countries accounted for over a quarter of the world's land area and more than 40% (3 billion) of the world's population they accounted for only one-quarter of the world gross national income. According to experts, this can accumulate to 40% in 2015. This because of the fact that its current contribution to the world’s GDP already comes to 20%.

In their attempt to fulfil their own economic development dream, BRICS have established a New Development Bank with the estimated combined capital of around $100 billion. According to BRICS leaders, their aim of the Bank is as an alternative to the existing US-dominated World Bank and International Monetary Fund. The Bank is set up to foster greater financial and development cooperation among the five emerging markets.

Another way BRICS countries want to prosper in the economical playing field is by harnessing and implementing knowledge. They have launched the BRICS Academic Forum with the aim to establish partnerships between BRICS Universities, the private sector, and BRICS governments. According to Theo Bekker, Director: Special Projects at the North-West University in South Africa, universities are not the sole custodians and generators of knowledge. “In many cases, industry leaders have more knowledge in a specific field than academics have. This, because of rapidly, ever changing technology, industry’s / private sector’s huge capacity and their involvement and investment in in-house training and development. Many universities already have access to state of the art facilities  but perhaps one of their biggest burdens is the lack in funding to further their research. It would be beneficial to both universities and the industry/private sector if they were to work closer together to generate cross access to financial aid, technology, labs and apparatus.” He says more emphasis must be placed on the commercialization of knowledge with regard to patents, research and short courses. This he says is key to growth of universities and the private sector.

Bekker says another way for universities to overcome above mentioned burdens, is to attract more international students on postgraduate level. “This can only be done if a university places more focus on its niche or its excellence in a particular field if you may. Many universities offer a wide range of courses, but often have only a few specialist fields. This is understandable when one looks at universities operating within a developing state – it is thus seldom possible to be best of the best in every single course offered. Therefore, more financial aid should rather be directed to the marketing and development of recruitment strategies within the niche areas. Only then would a university be regarded as a specialist in a particular field of training and research where the outcome would most probably be more international students applying.”

When ranking and rating of universities are on the cards, Bekker is of opinion that many universities miss the train. “In many cases universities are only interested in the rating of the particular tertiary institution. When it receives a four of five star rating, they are usually impressed and hope to do well in the international arena. Unfortunately this is not the case, as the international or national ranking, instead of rating of the particular university reflects a much more accurate position in the market of top universities.” Universities would have to focus on both - especially when they would like to do a comparison to others in the BRICS context.

How can BRICS help a university to step up its ranking? By focusing and implementing:

• Greater emphasis on academic and international students exchange programmes
• Participating in joint research programmes 
• Joint degrees or sharing of modules
   

Bekker adds that it is of utmost importance to identify key BRICS universities and develop a sustainable training and research partnership benefitting various parties, countries and communities. “The best way to stamp out inequalities, with reference to labour and increased labour productivity, is the long-term investment in education – even across borders. Education and technology are make-or-break determinants of a particular country’s wealth.”

* The North-West University is a member of the BRICS University network, represented by Theo Bekker. This network is part of the BRICS Academic Forum and the stated objective is to facilitate sustainable development of the BRICS countries through the creation and dissemination of knowledge and skills through joint research activities in natural, social sciences and engineering. Contact him at theo.bekker@nwu.ac.za or visit www.nwu.ac.za/brics