The acronym "BRIC" was coined in 2001 by Jim O'Neill, the chief economist of the American investment bank Goldman Sachs. It was used to refer to four emerging economies that O'Neill identified as having high potential for investment due to their rapid development. The four countries included in BRIC were Brazil, Russia, India, and China.
However, O'Neill's initial prediction didn't account for the unfolding political and diplomatic processes. The governments of Brazil, Russia, India, and China had already initiated dialogues, which culminated in the first BRIC summit held in Ekaterinburg, Russia, on June 16, 2009. In the years following, the leadership of these countries changed, with only Brazil's Luiz Inacio Lula da Silva remaining in office from the original group.
Over time, the BRIC nations recognized the importance of expanding their coalition, and in 2010, they invited South Africa to join. With the addition of South Africa, the acronym expanded to "BRICS."
It's worth noting that the original leaders mentioned in the context have been succeeded by others, such as Xi Jinping in China, Vladimir Putin in Russia, and Narendra Modi in India. The BRICS group represents a collective effort to foster cooperation and dialogue among these major emerging economies, acknowledging their influence on global affairs.
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