When we say Europe, the countries of Germany France and Britain immediately come to mind. When we say emerging markets we often think of India and China. Yet in the heart of Europe we have a group of European emerging markets. Included here are the countries of Hungary, the Czech Republic and Poland.

Like the rest of Europe, these countries are suffering from the worldwide economic downturn. However the extent of the damage to their economies has been much worse than the rest of Europe. Much of the growth in these economies has come from foreign investment, thereby creating large foreign exchange debts.

"Analogous actions by the Soviet Union, when it deployed missiles in Cuba, prompted the 'Caribbean crisis,'" Russian President Vladimir Putin said Friday, using the Russian term for the Cuban Missile Crisis, in reference to the United States' Europe-based missile defense plan.

Putin's statement that U.S. plans to put a Europe missile defense system in Poland and the Czech Republic can perhaps be best interpreted as a rhetorical overstatement before Putin negotiates new economic and political agreements with the West, particularly with Europe.

Russia's oil and natural gas resources, foreign currency reserves, commercial development and +5% annual GDP growth rate have enhanced the nation's negotiating stance, on both economic and geostrategic issues. Sensing his stronger hand, Putin has used the increased leverage to propose, among other measures, European economic/commercial agreements that would be more favorable to Russia, while also making clear that international political agreements among the U.S., Europe and Russia on such issues as the Iraq War, Iran nuclear technology -- and a potential European missile shield -- would also reflect Russia's concerns.

I was just invited to a conference at the University of California at Los Angeles by Natalia Johnson of the economics division of the Consulate General of Poland and I thought I would share this tidbit with those that might be interested and live in the vicinity.

Poland has been a member of the European Union since 2004 and its economy has been expanding rapidly even long before they became a member. Natalia informs me that last year Dell (NASDAQ: DELL) opened a large factory in Lodz, Google (NASDAQ: GOOG) opened shop in Krakov, General Motors (NYSE: GM) has been operating at several locations and the list is growing.

In addition to the presentations from representatives from Poland there will be presentations and a panel discussion by members of the Czech, Hungarian, and Slovakian missions. The UCLA Kane Anderson School of Management has scheduled the lecture for April 18, 2007 - next Wednesday, in the Korn Convocation Hall.

I have written about opportunities in China and India and others have included Russia and Brazil as offering large opportunities for significant growth as well. Central and Eastern Europe receives less press than the other regions but should be included in discussions about economic prosperity and integration into the global community.

I chase opportunity wherever I find it and if I can get out of some meetings will be there at this conference. If you are interested in long-term value investing you should read Chasing Value and put it on your toolbar.

Sheldon Liber is the CEO of a small private investment company and the vice president for design and research at an architecture & planning firm. Check out my other posts for BloggingStocks here.

Many investors might not immediately recognize the name Ingersoll-Rand (NYSE:IR) but most would recognize its products. Headquartered in Bermuda to take advantage of corporate tax savings, Ingersoll-Rand celebrated its 100th year anniversary of listing on the New York Stock Exchange in October 2006. In a recent interview in NYSE Magazine, CEO Herbert Henkel stated that Ingersoll-Rand reported revenues of well over $10 billion in 2006, with operating profits in excess of $1.5 billion. Profit margins are currently approximately 13.6%. Ingersoll-Rand has transformed itself from a supplier for construction and mining industries into a diversified industrial manufacturer in five business sectors.

1. Climate-control technology through its Thermo-King brand. Sales in this sector totaled $90-$100 million in 2006.

2. Compact vehicle technologies including Club golf carts.

3. Construction technologies, specifically the Bobcat skid-steer loader.

4. Industrial technologies, including fix-it services offered through its Hussman International unit. Fix-it service revenues accounts for 21% of total company revenue, just over $2 billion in 2006. CEO Henkel forecasts this sector will grow to over 30% of total company revenue within 5 years.

5. Security technologies, specifically its Schlage locks brand. This sector accounts for 20% of total company revenues.

Ingersoll-Rand is pursuing an ambitious strategy to expand into global emerging markets, especially India, China and Russia, where sales are forecast to grow 20-25% per year for the next few years. In India, Ingersoll-Rand has introduced Thermo King refrigeration units on trucks, thus helping to reduce fresh food harvest loss from 60% to 5%. Ingersoll-Rand is spending $175 million to build a manufacturing plant in the Czech Republic in order to expand in the southern Europe market. Ingersoll-Rand spent approximately $400 million in acquisitions in 2006, including security-device makers in India, China and Italy.

In the news recently, Swedish truck maker Volvo announced it agreed to buy Ingersoll-Rand's road construction equipment division for $1.3 billion. This would allow Volvo to expand its base of operations in the U.S. The Ingersoll-Rand division generated $850 million in revenue in 2006. Shares of Ingersoll-Rand stock closed unchanged on 6 March at $42.99.