Commodity Online
SINGAPORE: Ace commodities investor and global investment guru Jim Rogers says he hates British pound and is putting all future hope and investments only on China. “The charm of United Kingdom is all over and it would be prudent if you sell all their currency (pound sterling) fast,” Rogers says.

But Rogers, a vocal critic of America and Britain, who left the United States to settle down Singapore, said that he has great hopes on China. “I am very hot on China as an investment destination despite the market turmoil and economic meltdown,” Rogers told Commodity Online in a recent interview.

Rogers, author of such famous books like Hot Commodities and A Bull in China, recently launched an agricultural commodities index focused on food consumption in China.

Saying that China is a fascinating place to invest in, Rogers said China is on the rise, like America 100 years ago, and the problems the Asian giant is encountering right now in certain, mainly export-driven, sectors of its economy will not alter the country’s long-term trajectory.

He told a conference of bankers and investors this week: “When you see problems in China, don’t think it is the end of the story. You should pick up the phone and get involved in China.”

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”Asia is fuelled by massive investment and growth. And in Asia, China is the hottest destination. So I continue to look for investment opportunities in China,” Rogers, who along with billionaire investor George Soros founded the successful Quantum Fund.

In 1998, Rogers launched the Rogers International Commodity Index, a composite, US dollar-based, total return index, designed to meet the need for consistent investing in a broad based international vehicle. The Index represents the value of a basket of commodities consumed in the global economy, ranging from agricultural to energy to metal products.

Rogers is hot on China; but he is not very enthusiastic about India. “I am excited about India as a travel destination. For an investment proposition in India, I would think twice,” he said.

He says even though India like China has been growing phenomenally well, political and bureaucratic hurdles still exist in India. “Plus, the infrastructure in India continues to be bad compared to China. In China, truck drivers drive at the speed of 70 kilometers per hour. In China, they can drive only at a speed of 20 kilometers because the roads are so bad,” Rogers said.

Moreover, he said he is upset with India, because of the Indian government decision to ban futures trading in some commodities. “I am a commodity investment guy. So whenever I hear governments meddling with commodity investments and futures trading, I get upset,” Rogers added.

According to Rogers, three billion people living in Asia, most of them in India and China, will account for a major portion of the total demand for commodities in the coming years.

Why is Rogers so critical on UK and sterling? Sterling crashed to US$1.3884 against the US Dollar, early this week on Rogers’ comments that the pound is dead and gone forever. On Wednesday, against the Euro, the single European currency was trading 2.44p stronger at 93.04p, with the Pound valued ever closer to parity at just €1.2926.

Rogers has now predicted that the UK currency will fall below its record low of US$1.0520 reached in February 1985.