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Despite emerging market pain, value here: Expert

Emerging markets are facing classic headwinds like low global growth, a rising dollar, and the drop in commodity prices, but there are places to put money to work if investors know where to look, investment pro Wasif Latif said Thursday.

"A lot of these markets are still pretty attractive when you peel away the onion and look within emerging markets," the head of global multi-assets for USAA Investments said in an interview with CNBC's "Power Lunch."

"Some of those markets are attractive from a valuation standpoint, whereas some have a higher degree of quality and can not only withstand some of this volatility at an economic level but also will benefit from lower commodity prices."

Overall, emerging markets have taken a beating lately, with the emerging market ETF down more than 25 percent from a year ago.

Earlier Thursday, Allianz Chief Economic Advisor Mohammed El-Erian painted a gloomy outlook for global markets.

"What we're seeing is a classic overshoot that starts in the emerging markets world and it starts spreading" he told "Squawk on the Street."

"What that causes is heightened risk aversion."

Latif believes India is still one of the most attractive places to be outside the United States.

"It hasn't faltered as much as the other markets have because the central bank ... is really strong and ready to preserve and protect the currency," he said.

While there will be some short-term economic pain, he believes it is a long-term secular growth story.

He also sees value in Turkey and China.

—CNBC's Zack Guzman and Hailey Lee contributed to this report.