A civet is a cat-like animal that produces musk used in perfumes. But to investors, CIVETS may be the new BRIC.

BRIC, the countries of Brazil, Russia, India and China, have long been recognized as an investment goldmine. Economists at Goldman Sachs (GS) have suggested that BRIC could become huge forces in the world economy by 2050.

Now some are suggesting investors update their international focus to CIVETS: Colombia, Indonesia, Vietnam, Egypt, Turkey and South Africa. The bank HSBC reportedly first coined the term, with the chief executive saying he liked the countries for the following reasons:

• They have large, young and growing populations.
• They have diverse and dynamic economies.
• They are politically stable.

That's not to say these companies are perfect, in fact many of them have a history of corruption and economic instability. But they seem to be moving into place to become what Investopedia calls a second generation of emerging economies.

So how can you make a sensible investment in an unproven idea that's starting to gain traction? Investopedia recommends going the ETF route for each country:

Colombia: Global X FTSE Colombia 20 (GXG)
Indonesia: Market Vectors Indonesia (IDX) or iShares Indonesia (EIDO)
Vietnam: Market Vectors Vietnam (VNM)
Egypt: Market Vectors Egypt (EGPT)
Turkey: iShares Turkey (TUR)
South Africa: iShares South Africa (EZA)