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SINGAPORE: The balance of economic power is shifting from the United States to Asia, according to investment guru Jim Rogers.
Asian financial firms have stepped in to make big investments in troubled Western lenders such as Merrill Lynch in the current financial crisis.
In a speech to students and investors at the National University of Singapore (NUS) on Monday, he said commodities, Asian tourism and water treatment sector offer opportunities in these troubled times.
Mr Rogers said: "The things that are going to come out of this unimpaired are where you should have your money. The main thing that I know of is commodities.
"Most companies and most financial companies have been damaged now and they are not going to be great stock, and what you want to own, coming out of it, is the fundamentals of not being impaired."
He named agriculture as a sector to watch and said opportunities can be found in the water treatment sector and growing tourism in China. Southeast Asia, too, boasts a number of untapped markets.
"There is a new stock market in Cambodia which should start next year if it’s on schedule and it may do good things for Cambodia. I'm optimistic for Cambodia. Cambodia hasn't been over-exploited like some countries. Myanmar is another place where there are excellent opportunities," Mr Rogers added.
He also gave some tips for young investors looking to dip their toes into the markets – "go with your instinct and only invest in what you know".
- CNA/so
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