In a world where economic tides are shifting and global alliances are redrawn, the BRICS bloc—comprising Brazil, Russia, India, China, and South Africa—finds itself at the heart of a new era marked by industrial innovation, strategic resource accumulation, and the pursuit of economic sovereignty. This week, a flurry of developments underscored the bloc’s growing influence, from a major industrial milestone in Xiamen, China, to record-breaking gold reserves and renewed calls for economic empowerment in South Africa.
South Africa’s economic challenges remain acute, with the nation’s unemployment rate stubbornly fixed at 32.9%—a figure that translates to 8.2 million people out of work, including an alarming 62.4% of youth aged 15 to 24, according to Business Report. Economic growth is crawling at just 0.8%, leaving millions locked out of opportunity. Yet, as Kerwin Rana of the Offshore Petroleum Association of South Africa (OPASA) recently argued, the country’s vast offshore petroleum reserves remain largely untapped, not for lack of resource or ambition, but due to global narratives that frame offshore development solely as an environmental threat.
“South Africa deserves a fair shot at building an inclusive energy future—not one defined by imported narratives or binary choices, but by balance, pragmatism, good environmental stewardship and a deep love for this nation and its people,” Rana asserted in Business Report. He pointed to examples across Africa and beyond: before 1949, Qatar was among the world’s poorest nations, but oil and gas revenues have since transformed it into a country with one of the highest per-capita incomes. Namibia’s recent offshore oil discoveries in the Orange Basin could double its GDP by 2040, with the construction phase alone expected to create around 5,000 jobs over six to eight years. In Nigeria, oil and gas contributed 5.57% to GDP in 2024, while Algeria’s President Abdelmadjid Tebboune announced a $50 billion investment drive at the African Energy Indaba in June 2025, aiming to bolster exploration and production.
Despite these precedents, South Africa faces an uphill battle. Critics argue that global environmental campaigns often overlook the country’s dire need for economic growth, job creation, and energy security. Rana emphasized, “Energy is not the enemy, poverty as a result of underdevelopment is. Right now, South Africa cannot afford to fight the wrong battle.” He called for a just energy transition that balances environmental stewardship with the lived realities of high unemployment, low growth, and deep inequality, insisting that hydrocarbons must remain part of the mix while renewables scale up.
Meanwhile, the BRICS bloc’s economic clout is increasingly visible in global gold markets. As reported by Watcher Guru, BRICS gold reserves soared past 6,000 tonnes in 2025—about 20% of all central bank gold holdings worldwide. Russia and China dominate the bloc’s reserves, with 2,336 and 2,298 tonnes respectively. This rapid accumulation is widely interpreted as a strategic pivot away from dollar-denominated assets, a move that is already reverberating through global financial markets.
“It’s not that gold is worth more; it’s that the dollar is worth less,” observed Professor Adrian Saville from the Gordon Institute of Business Science, highlighting a fundamental shift in the global monetary landscape. The World Gold Council noted that central banks have been buying more than 1,000 tonnes of gold annually from 2022 through 2024, marking the longest such streak in modern history. Their 2025 survey found that 73% of central bankers expect the dollar’s share of global reserves to fall in the next five years, while 43% plan to increase their gold holdings.
Financial heavyweight JP Morgan has issued some of the most bullish forecasts yet, projecting gold prices could reach $6,000 per ounce by 2028, with an average of $5,055 by the end of 2026. Natasha Kaneva, JP Morgan’s head of Global Commodities Strategy, reinforced this conviction, stating, “Gold remains our conviction long for the year. We see upside as the market enters the Fed rate-cutting cycle.” The bank expects central bank and investor demand to average 566 tons per quarter throughout 2026.
These developments have reignited discussions about a potential gold-backed BRICS currency. Professor Saville suggested that, to underpin such a system, gold prices would need to rise even higher: “My guesstimate here would be about $6,500/oz, $7,000/oz – still significantly north of where we are now.” The concentration of gold reserves in Russia and China has also raised questions about shifting global power dynamics, as the bloc’s collective actions begin to sound “like a chorus rather than separate voices,” in Saville’s words.
While financial and resource strategies are making headlines, BRICS is also investing heavily in industrial innovation and talent development. On November 18, 2025, the BRICS Partnership on New Industrial Revolution (PartNIR) Innovation Center celebrated its five-year anniversary in Xiamen, China, according to a Newsfile Corp press release. The event marked the Center’s transition into a new phase, with a renewed focus on high-standard cooperation mechanisms, accelerated industrial innovation, and deeper engagement with the Global South.
The 6th BRICS Forum on Partnership on New Industrial Revolution convened in Xiamen, drawing representatives from 34 countries. A major announcement was the inauguration of the BRICS Industrial Capacity Cooperation China Center, designed to drive collaboration in technological innovation, digital transformation, and green development. Over the years, the PartNIR Innovation Center has established policy dialogue mechanisms, supported governance and standards coordination, and built capacity across BRICS economies. Its think tank alliance continues to deliver research on industry transformation, digital governance, and supply chain security.
Talent development remains a top priority. The Center showcased its 2025 Training Program on Green Industrial Development and Digitalization, which drew participants from 22 countries. China’s BRICS New Industry "Golden Egret" Excellence Scholarship, announced at the 17th BRICS Summit, aims to expand training for emerging industries. A portfolio of model training programs, innovation competitions, and course modules is helping cultivate the next generation of global industrial talent.
Practical cooperation is already bearing fruit. Collaborative projects in smart manufacturing, new energy, transport, and joint research networks were highlighted at the event. The BRICS Premium Code, developed using the Xinghuo · Chain Network (Xiamen) super node, is expanding its role in cross-border product traceability and transparency. Xiamen’s trade ties with BRICS economies continue to grow, reflecting the expanding scope of the Center’s work.
Looking ahead, the BRICS PartNIR Innovation Center is doubling down on its mission to serve national strategies, leverage local strengths, and meet the development needs of member countries. With an eye on openness, inclusiveness, and win-win cooperation, the Center is poised to play a vital role in supporting the rise of the Global South and contributing to stable, innovative, and sustainable global industrial development in the years to come.
As BRICS nations deepen their cooperation across industry, finance, and resource management, the global order is quietly but unmistakably being reshaped—one gold bar, oil barrel, and innovation at a time.
