Emerging markets are not just BRIC countries, stresses Bruno di Leo, general manager of IBM Growth Markets, who is based in Shanghai. From IBM's point of view, there are about 20-30 countries that are "really relevant," said di Leo in this interview, held during IESE's recent Global Alumni Reunion in Madrid.
Factors that contribute to many non-BRIC countries' appeal include GDP growth, political stability, rule of law, economic management, ease of doing business and human capital. In Latin America, Brazil and Mexico are attractive due to the sheer size of their markets. But smaller players "such as Chile, Colombia and Peru have shown very prudent, good economic management," paving the way for an uptick in business activity. In any country, the key to success is having strong, effective management on the ground, he said, as well as partnering with local companies to serve local markets.