Asia is new investment frontier for global business

(AGI) Turin, June 12 - Asia is the "new frontier" for investorswho want to be part of global business, said Jemal Inaishvili,president of the Confederation of Asia-Pacific Chambers ofCommerce and Industry. He told AGI news agency in Turin at theninth World Chambers Congress: "If you were smart in 1807 youmoved to London, if you were smart in 1907 you moved to NewYork City, and if you were smart in 2007 you moved to Asia." Hewas quoting Jim Rogers, a famous American investor andco-founder of the Quantum Fund. Mr Inaishvili took chargeof the Asian organisation in October. He was born in Georgiaand was president of the Chamber of Commerce of Tbilisi, duringthe "new Cold War" with Russia in 2006. "It is a federationthat was created during the Sixties and now has 29 countries,including Russia, nations in central Asia, China, Singapore,Taiwan and all the way to India, Vietnam and Bangladesh," hesaid. "I come to Italy often; I started coming when I was ateenager, in the '90s, during Perestroika. It is our bigcommercial partner, it produces industrial machinery suitablefor the Asian market and luxury items which convert Asia intoone of the biggest consumer markets. It is a very promisingcollaboration for the members of my federation." Italy hasthe the advantage of lower production costs, especially incountries such as Vietnam, the Philippines and Bangladesh, saidthe Georgian businessman. "Everybody tries to cut productioncosts; it's natural," he said. Among members, "Vietnam isoffering very good conditions to investors, especially in thefree trade areas. Others are following in the wake and now thefar east Asian countries compete for Western companies. Totheir benefit, they have annual growth rates of 5-6 percent." He praised Italian businessmen, saying "they know how to dobusiness; they know how the world works". He added that, Turin,which "at the time of the Soviet Union was seen as Motor Townbecause of FIAT, now has become a very interesting economicscenario." What is important, he explained, "is to dobusiness in any situation; also in times of crisis and in timesof economic sanctions". He went on: "The policy of sanctionshas also affected us Georgians and it is not good. Russiaclosed the market following the conflict and it was our leadingmarket. Georgian entrepreneurs had to move elsewhere andultimately made the best of the situation. Now Georgia exportsvery much because it is positioned in other markets and theRussian market has reopened. Business is business and it muststay alive." (AGI) . .