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The Asian crisis has dramatically altered the country risks and competitive advantage in Asia. It has strengthened the export sectors, but it has severely damaged both the import sectors and those businesses serving the domestic market. Canadian businesses that have purchased products or components from Asian suppliers, or who have relied on Asian customers, have cause for concern. Since the Asian crisis has not affected all countries equally, it is now necessary to analyze each country individually -- for some the miracle of exceptionally rapid growth has ended. Consequently, potential foreign investors should shift their attention from Southeast Asia to consider other investment sites, such as the Americas.