BRIC is so 2013! Now It’s…Want to make a MINT?
By Shlomo Maital
There’s nothing like a good acronym to catch the eye of those seeking new places to make money. That’s why Jim O’Neill, former head of asset management at Goldman, Sachs, coined the term BRIC 13 years ago – Brazil, Russia, India, China – to name the four up-and-coming nations. He got China right. Brazil is struggling. So is India. Russia still doesn’t have a true economy other than oil and gas. So – one out of four. Pretty good, for a global banker.
Now comes a new acronym. Remember it: MINT. Mexico, Indonesia, Nigeria, Turkey. If you want to make a MINT, then invest in MINT. According to www.metro.co.uk:
‘If they get their act together, they’ve got the ability to get so much bigger,’ said O’Neill of the MINT countries. It will be the subject of an upcoming BBC radio series, MINT: The Next Economic Giants. ‘If not as big as the BRICs, then not that far off.’ Mexico, O’Neill argues, previously lost out to China on cheap exports and labour. But with wages increasing in China, Mexico can capitalise, especially with its proximity to the US. ‘It’s probably the most competitive OECD country at the moment,’ said O’Neill. ‘And these guys have a bunch of young reformers who make Maggie Thatcher look like a pussycat.’
O’Neill argues convincingly that Nigeria is THE MINT country to watch:
There are at least two ways to take Jim O’Neill’s acronym. 1. Given his 1 out of 4 record in the past: Search elsewhere. Or 2. Bet big time on Nigeria.
What are your thoughts, readers?