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26 Jan, 2008 01:13

Davos tries to spot the next Asian tiger

A session called “The Next Emerging Markets to Explore” has been one of the central events on the third day of the World Economic Forum in Davos. The session looked at the hottest new investment opportunities in countries outside BRIC (Brazil,

Russia’s former Economic Development and Trade Minister and now the CEO of Sberbank, German Gref, was among the main speakers at the event.
He said the newcomers are good news for the world economy:
“I’d say it’s definitely good, it will stabilise the global economy. We have seen a crisis that shocked the world markets – that’s a negative effect of globalisation. The positive impact of globalisation is that the crisis was short and the markets recovered quickly”.
The big question is whether the older siblings in the family of developing countries – such as Russia – fear the arrival of newborns like Vietnam and some African countries.
Ruben Vardanyan, the CEO of Russian investment company Troika Dialog, says Russia has nothing to fear from this new generation of economic big hitters. On the contrary, he encourages companies in these emerging countries to invest in Russia, where they can grow their businesses.

Robert Dudley of TNK-BP echoes by saying:

“There are places to invest all around the world. It’s the scale of what can happen in these countries that may not be this big. So I certainly don’t think this will reduce opportunities in Russia”.