Knowledge Economy in BRICS: a Case of South Africa

Abstract

The BRIC, a four-member grouping of emerging economies of the world, has expanded its membership to include South Africa and has renamed itself as BRICS. BRIC refers to the fast-growing developing economies of Brazil, Russia, India and China, South Africa as the fifth member of this group, and was admitted in 2011 and BRIC now is changed to BRICS. It is commonly accepted that globalisation is an overriding trend for business, research and innovation, and that BRIC countries are increasingly gaining importance in global innovation processes. The inclusion of South Africa not only marks a significant milestone in Africa’s developing role on the world stage but also talks to a potential shift in focus within BRICS from purely mercantile interests to a stronger development agenda. It is important to bear in mind that Africa is largely a young continent and it itself has several implications and opportunities. This paper highlights the increased importance of the BRICS countries (i.e. Brazil, Russia, India and China) in the world economy. The current paper studies how BRICS countries are moving toward knowledge-based economy with special focus on South Africa. It is a critical need for African countries to grow into genuine knowledge economies. South Africa will need to drive its economic growth to a higher level and gain a higher level of international competitiveness.