Eastern European frontier markets like Romania offer the best value around, according to industry stalwart Mark Mobius, the executive chairman of Templeton Emerging Markets Group.
"Frontier markets, which include some Eastern European countries like Romania – like we had Slovenia and Slovakia. All these countries are very interesting from a frontier market standpoint. And of course Africa as well, where a lot of the action is going to be, because of the growth," Mobius told CNBC in Warsaw.
(Read More: Pakistan Election Bolsters Bull Market Case for Mobius, Goldman)
Mobius said that growth had slowed in Eastern Europe's more developed markets, such as Poland, but attributed that to contagion from the euro zone.
(Read More: Germany 'Crucial' for Eastern Europe's Recovery)
"Going forward, I think they are going to be recovering very nicely. A lot of this negative feeling about the economy and about the markets has been as a result of what is happening in Western Europe. As we are going forward, I think sentiment will change, and don't forget, these countries are still going through quite a big reform process, which has not been completed."