But what does it actually mean? Quite simply, it refers to the four largest countries that are seeing rapid economic development and industrialisation: Brazil, Russia, India and China (BRIC).
Although the economies and trade conditions you’ll find in each of the BRIC countries vary considerably, they all share one trait: they’re all enjoying an increasing role in the world economy as power is gradually shifting away from the G7 base. And as the economies of Brazil, Russia, India and China develop at a fast pace, international trade opportunities are opening up every day for Irish businesses.
Samba, sand and sun. Think Brazil, and it’s likely at least one of these tourist magnets will spring to mind. But more and more Irish businesses are setting their sights on the largest country in South America for very different reasons: a multitude of fresh export opportunities.
With a GDP per head greater than India or China, coupled with a rapidly emerging middle-class ramping up demand for luxury goods, make Brazil one BRIC to really watch out for. And with the Olympics in 2016 set for Rio de Janeiro, openings abound for Irish businesses.
Find more information on exporting to Brazil here
Spanning an incredible 11 different time zones, Russia is the largest country on earth – with an economic might Irish exporters ignore at their peril.
As Russia looks to reduce its dependency on commodities by building up the country’s high technology sectors, considerable opportunities are opening up for businesses across a host of sectors.
Find more information on exporting to Russia here
India is a complex but compelling trade destination for Irish businesses. It’s also one of the fastest growing economies in the world. With economic liberalisation gathering pace, big opportunities are quickly opening up in a host of key sectors, from biotech and automotive to telecoms. With goods manufactured cheaply and in bulk, importing from India is also a great way of reducing your costs.
Find more information on exporting to India here
China continues to grow at a startling rate. Home of the world’s largest population, China has a rapidly growing consuming class driving demand for Western luxury goods.
China is also the world’s largest exporter of goods. Everything from toys and computers to electrical items and clothing are manufactured quickly, cheaply and in bulk. Importing from China is a tried and tested way for Irish businesses to improve their profit margins.
Find more information on exporting to China here
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