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The big four emerging markets - Brazil, Russia, India and China (the BRICs) - have for some time captured investors' imagination. But the picture has become more complex in recent years. Rising costs are forcing investors to look to less-developed regions, for example within China, while rising wealth in the main commercial centers, such as Beijing and Shanghai, has created major sales opportunities. A similar process is under way in India, thanks to a rapidly growing middle class, while improvements in infrastructure are also encouraging companies to invest beyond the main cities of Mumbai and Delhi.
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