The major new international study by BT revealed that while more than six out of 10 (64 per cent) directors of large American, British, French and German corporations accept that emerging economies will "reshape" the global business landscape, many seem to have only a rudimentary knowledge of their business environments.
Even though a clear majority (61 per cent) respondents admit it is "crucial" their business is able to work with the economies of Brazil, Russia, India, China and South Africa - the so-called "Brics" nations - to succeed in the long term, many of them demonstrate worrying ignorance of the realities of those countries.
Almost nine out of ten directors (88 per cent) could not name the currency of Brazil and 14 per cent believe that vodka is the main product of Russia, for example.
India is perceived as the most comfortable Brics economy in which to do business, significantly more than China, that was rated second, while Russia is perceived as the least comfortable Brics economy to do business.
BT, one of the world's leading providers of communications solutions and services, commissioned Datamonitor to undertake the study of 800 senior executives in the US, UK, France and Germany for its study, "Building Business with Brics".
Thirty five per cent of directors do not know the currency of Russia, 55 per cent do not know the currency of India and 65 per cent do not know the currency of South Africa.
The study found that more than seven out of 10 (72 per cent) Western directors believe that organisations in the 'developed' world are better equipped technologically to work
internationally than those in Brics.
Francois Barrault, CEO, BT Global Services said: "This is a troubling finding. The message hasn't filtered through yet that these nations are already equipped to make an impact on the global stage".
According to the study, four in five (80 per cent) of directors realise that the necessary information and communication technology is readily available to allow their businesses to work effectively with those in Brics.
Despite this, the study found that directors perceive data security to be the main barrier to effective collaboration with international businesses, followed by different legislation and regulations and political interference.
Businesses in the manufacturing industry are the most active in the Brics economies; 82 per cent of respondents said that their company was already working with other businesses within Brics.
Fifty-one per cent of companies within the financial and professional services sectors are active in the regions. The BRICS economies are an opportunity for these companies to apply their specialised knowledge to a rapidly developing economic model.
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