Brics countries must climb the value chain to be big brands
Friday, February 7, 2014
Two concepts — Bric, an economic and investment concept, and bottom of the pyramid (BoP), a business philosophy concept — changed the relation between rich and poor countries, the structure of organisations, and delivery of products and services in the last decade. One would not have been successful without the other.
Bric, coined in November 2001 by Jim O’Neill at Goldman Sachs, was great shorthand for economics, investment and growth for the future. It separated Brazil, Russia, India and China as great investment destinations. O’Neill argued long-term GDP growth depends on a country’s working population and labour productivity.