There's more to investing in Asia than China and India.
"We've got to look beyond these two big markets and really focus on Southeast Asia," Curtis Chin said on the sidelines of the Milken Institute Global Conference in Los Angeles Wednesday.
Chin, Milken's Asia Fellow and former U.S. ambassador to the Asian Development Bank, gave the example of Indonesia, a relatively large market with a growing middle class.
"Indonesian consumers are there and ready to buy," he said.
Chin also said investors should consider Cambodia, a small market, and Philippines, another large one.
Read MoreBillionaire investors reveal their best ideas
The Milken conference included a panel devoted to investing in Southeast Asia.
It featured Richard Li, CEO of investor Pacific Century Group; Kasemsit Pathomsak, CEO of asset management and securities firm Merchant Partners; Cesar Purisima, the Philippines' secretary of finance; and Kirk Wagar, the U.S. ambassador to Singapore.
