By Kim Tae-gyu
Staff Reporter

Domestic companies are advised to turn their eyes from Russia and toward Indonesia as a target for investment because the latter has been chalking up faster growth than the former in the aftermath of the global financial crisis.

Hyundai Research Institute (HRI) said Friday that "BICI" ― Brazil, India, China and Indonesia ― will replace "BRIC" ― Brazil, Russia, India and China ― as the buzzword next year representing most prominent emerging economies.

If BICI takes the place of BRIC, Indonesia would replace Russia on the list of economic super powers in the waiting.

``Russia has seen its growth rate slow down of late while Indonesia is expected to enjoy a growth rate of higher than 6 percent per annum through 2014. With a population of up to 240 million, the country will surface in the global scene,'' the HRI said in its report.

``China, India and Brazil are expected to rack up robust economic expansion down the road. Considering the surge of Indonesia, we think that BICI will replace BRIC in 2010.''

The Seoul-based economic think tank projected that China will particularly stand out among the BICI club members.

``China will continue to record an almost double-digit growth rate over the next few years. The country is also expected to catch up with Japan to soon become the world's second-largest economy, trailing only the United States,'' the institute said.

``Based on economic power, the world's most populous nation is expected to raise its voice across the board in political and diplomatic segments in addition to the business world.''

HRI pointed out that the rise of BICI presents both opportunities and threats to Korea.

``From the perspective of export-oriented Korea, the resurgence of BICI creates new overseas demands. At the same time, they might undercut our businesses. We need to have a close look on both sides,'' it said.

Another trend for 2010 is being dubbed the ``new cosmopolitans'' by HRI, a new breed of talent that has an unrivaled command of foreign languages and international competitiveness.

``The global paradigm is shifting toward eco-friendly green business rather than the traditional brick-and-mortar industries,'' HRI said. ``So the world will need tailor-made talent suitable for the new trend who can deal with multi-cultural situations while being well-versed in the green initiative.''

HRI selected a host of other situations to keep tabs on, including clean energy competition, smart government and nuclear diplomacy.

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