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Apr 20, 2013, 01.05 PM IST | Source: CNBC-TV18

Oil fall helpful for India; Africa looks attractive: Mobius

Investment guru, Mark Mobius of Templeton Emerging Markets Group in an interview with CNBC's Geoff Cutmore shared his views on the global market situation and observed that better times around the corner.

Investment guru, Mark Mobius of Templeton Emerging Markets Group in an interview with CNBC's Geoff Cutmore shared his views on the global market situation and observed that better times around the corner.

Mobius feels correction crude price is a positive for Indian economy, which has been grappling with a ballooning current account deficit.

"India has got difficulties, but now things are looking better for India because if oil prices are coming down or moderating that will be very healthy for India since they are importers," he added.

Mobius also pointed out that not much talked about market such as Africa might just be worth looking at. "Africa is a fast growing region. Individual countries are doing very well, there are lots of difficulties, liquidity problems, but generally speaking that is very good," he elaborated.

He is bullish on oil rich Middle Eastern countries, Mexico, Columbia, Chile and Turkey .

Below is the edited transcript of Mobius’ interview.

Q: Where do you see all the action right now?

A: Frontier market is where the action is now. Look at Africa; Africa is a fast growing region. Individual countries are doing very well, there are lots of difficulties, liquidity problems, but generally speaking that is very good.

Middle East, the oil rich countries are doing very well because they are putting that money into other industries and certain areas in Asia like Philippines, Vietnam, Pakistan, Sri Lanka, those countries.

Q: The past performer, the south east Asian economies, the Mexico for example, the Turkey they are going to continue to generate good return this year and China, Brazil, India perhaps maybe not so good?

A: India has got difficulties, but now things are looking better for India because if oil prices are coming down or moderating that will be very healthy for India since they are importers. In Latin America, Mexico yes, but Columbia is typically interesting and of course we are always in Chile, we like Chile and Turkey is a dynamic country so they will always be doing well.

Q: It is a domestic demand story rather than an exporting thing?

A: Exactly.

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