NEW YORK (

TheStreet

) -- While

Wal-Mart's

(WMT) - Get Report

chairman

warned today that the global economic recovery will be slow

, there was one positive takeaway: that recovery, he said, will be led by Asia.

Robson Walton, chairman of the behemoth retailer, pinpointed China and India as key locations for growth when he spoke to CEOs at a business conference in Malaysia.

Currently, Wal-Mart has more than 250 stores in China, but only entered India in May through a joint venture with India's Bharti Enterprises.

Wal-Mart opened its first wholesale outlet in Amritsar, India called "Best Price Modern Wholesale." The company plans to invest $100 million over the next three years to open 10 to 15 more wholesale outlets in the country.

As for now, it can only sell 6,000 food and non-food items to other businesses because Indian law prohibits foreign companies from selling direct to customers in multi-brand retail outlets to protect smaller domestic retailers.

-- Reported by Jeanine Poggi in New York

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