Europe’s industrial SMEs are urged to proactively seize opportunities in BRICS markets.
This is the call from Karlheinz Zuerl, CEO of the German Technology & Engineering Corporation (GTEC), headquartered in Shanghai, who says: “In a time of global economic disruption, the BRICS countries – particularly Brazil, India, China, and the United Arab Emirates – offer promising growth prospects for European companies.”
In recent years, the BRICS countries have emerged as a driving force in the global economy. According to current data from the International Monetary Fund (IMF), the BRICS+ nations generated a combined gross domestic product (GDP) of approximately $27,3-trillion in 2023, with China contributing the lion’s share at $17,8-trillion. Forecasts suggest that the BRICS share of global GDP based on purchasing power parity could exceed 385 by 2029.
The BRICS nations represent approximately 48% of the world’s population. The expansion of the BRICS group to include new members such as Indonesia (since January 2025) and association agreements with 13 partner states, including Vietnam, Malaysia, and Thailand, has significantly strengthened the alliance’s global reach.
“Given the unmistakable geopolitical tensions, there is widespread uncertainty among Europe’s industrial SMEs about whether — and to what extent — they should engage in business activities in the BRICS markets,” says Zuerl, drawing from numerous conversations with CEOs and owners of mid-sized companies.
“Those who wait for the world to be peaceful and secure will miss their chance to get on board,” he warns, pointing to “numerous market opportunities in the BRICS region” that much of Europe’s economy is currently overlooking.
“The BRICS countries are increasingly establishing themselves as a driving force in a multipolar global economy,” he explains. “European industry’s investments in future markets such as digitalization, future engineering, automation, augmented reality, artificial intelligence, robotics, and renewable energy in these regions are delivering high returns on investment — and are fully capable of competing with Europe.”
Zuerl acknowledges that, despite the enormous potential, there are challenges. Which is why he co-founded the “BRICS Project Network”, an international alliance of consultants, trainers, and interim managers that supports Western companies in developing business in BRICS countries.
“The further development of economic relations between Western industrial nations and the BRICS alliance benefits all parties involved,” he adds. “However, BRICS is not a monolithic bloc, but rather a group of countries with very different conditions—conditions that must be well understood in order to succeed.”