beyondbrics

… That is, Colombia, Indonesia, Vietnam, Egypt, Turkey and South Africa, not the cat-like mammals. But according to HSBC’s CEO Mike Geoghegan, these countries have something in common with the little beasts. “Each has large, young, growing population. Each has a diverse and dynamic economy. And each, in relative terms, is politically stable.”

As Western countries are held back by debt, it is these emerging markets that will lead new global growth, Geoghegan told a group at the American Chamber of Commerce in Hong Kong earlier today.

“BRIC has become the mantra for every business expansion strategy. But in this decade to come, a new group of emerging market dynamos will also emerge.”

If anyone should know about doing business in emerging markets, it would be HSBC.

In Vietnam, it is the first foreign bank to incorporate, it has doubled its presence over the last year in Indonesia, and was the first into rural banking in China.

So as the head of a bank whose forays into frontier and emerging markets have been largely succesful, one might argue Geoghegan has the credibility to make bold statements.

“Any company with global ambition needs to act now in regards to these markets. In today’s world, you can’t afford to wait for business. You have to go where the business is,” Geoghegan advised a leadership luncheon.

But, perhaps this fashion for turning groups of countries into acronyms needs to stop, for those countries which are missing such as Mexico will protest, and as economic circumstances change, so will the labels. Anyone for an anagram of CIVET and BRIC? All suggestions welcome.