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From Precy Dumlao, Opalesque Asia:

Many western investors, particularly European financiers have always looked at Asia when hunting for the emerging markets growth story. But for Baltimore-based global investment management organization, T. Rowe Price, these European investors are looking at the wrong direction. Instead, T. Rowe Price advised them to look closer to home: emerging Europe.

In a press statement, the investment management firm has expressed confidence over the long-term potential of emerging Europe. In fact, since the market lows of early 2009, emerging Europe has been outperforming global emerging markets, the firm added. Emerging European markets also currently trade at a discount on forward P/E basis, it added.

The diversity of the emerging European markets presents both a challenge and opportunities for investors.

Leigh Innes, Portfolio Manager for T. Rowe Price's Emerging Europe and Mediterranean strategy, commented, " We remain optimistic about the prospects for the Emerging Europe region over the long term and continue to favor stocks that should benefit from long-term growth of individual wealth and consumer spending.

We believe that Russia has some of the best growth opportunities within our universe, but we continue to diversify the portfolio with investments in Turkey, Central Eastern Europe, and countries on the periphery of our target regions."

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