The good thing about being in the bottom is that there is no other way but up. The chief investment officer of the world’s sixth largest state investment company says there’s a major shift in economic influence and the emerging influence is Asia.

In a private wealth management conference in Singapore this week, Government of Singapore Investment Corp’s Investment Officer Ng Kok Song said that the global growth this year will greatly rely on Asia. He says that half of the economic boost globally will come from Asia, with 34% of total gross domestic product coming from the region. He further states that China – which quickly changed the growth landscape, as was never since World War II – can contribute 26% to global growth.

With Asia’s economic growth outpacing the rest of the world, Ng just may have a point. Policy makers in the continent have even raised interest rates even before U.S. and Europe did so as to curb asset price bubbles and fight inflation. Manila-based lender Asian Development Bank also had better outlook for Asia: 2010 growth forecast for the region (excluding Japan) was raised from 7.5 to 8.2% and 2011 growth remains at 7.3%.

In the same private wealth management conference, GIC – which manages more than $100 billion of reserves – also said that, while they will still greatly latch on to publicly listed equities, private markets and private equities are being looked at as more rewarding. Because of this, the fund is aiming at increasing proportion of investments in public equities and private assets in emerging markets from 12 to 13%.

GIC certainly has lots of capital for private assets investments, and Ng said most will be direct investments. Money to be out into private-equity and real-estate funds will be selective and must be placed on investments that GCI cannot do themselves.