Amid the euphoria and self-congratulatory back-slapping after Anwar Ibrahim's release, we need to be reminded that 'one swallow does not make a summer' i.e. the independence of the judiciary cannot be fully re-established with one case.

Only through the passage of politically-sensitive cases over time will we be able to establish whether our judiciary has regained its backbone or remains cowed to the executive branch of government.

Neither is Anwar going to be Malaysia's much-needed panacea. His obvious charisma needs to be weighed against a history of political opportunism where true principles played second and third fiddle to the expediencies of his meteorical political career.

And in case you're feeling misty-eyed about Prime Minister Abdullah Ahmad Badawi's string of good moves recently, think again - the good man's health is still an open issue, though not often discussed. His wife's unfortunate ill-health cannot help either.

Meanwhile, there's other pressing things to consider.

If China and India have provided two black holes that suck up much of the outsourcing jobs in the manufacturing and services sectors from the Southeast Asian region, let me highlight the third black hole that we will need to contend with - Eastern Europe.

For most of your readers, the entry of 10 new members (Czech Republic, Poland, Hungary, Estonia, Lithuania, Latvia, Slovenia, Slovakia, Cypruss and Malta) into the European Union in May this year passed by like the blink of an eye.

However, these states are the new tiger economies of Europe with average growth rates in excess of 6 percent per annum over the last three years (sound familiar?). The cost of labour is 10 percent that of Western Europe.

Proximity with Western Europe allows for greater control over foreign direct investments (FDI) into these countries. With the convergence of regulatory systems, freer movement of goods, capital and labour, these 10 new entrants will suck up what remaining FDI Western Europe may have in the past directed to Southeast Asia.

It's happening already. Much of the new FDI from Germany, UK, France and Italy have been redirected to their Eastern neighbours. When these countries are able to adopt the Euro and thereby eradicate currency risk for Euro-investors over the next years, the circle will be complete.

Don't forget there are another five to 10 Eastern European countries (including Turkey - if you're wondering why it will never become an Islamic state you can stop wondering now) banging on the EU's door to get an invitation to the party.

So our work is cut out for us: To find where our competitive advantages lies (hint: it's not in Proton) and to exploit them to the fullest. Try looking at things we have overlooked in the rush to industrialise: agricultural technology, tropical biotechnology, quality of our work force (I note that Eastern Europeans have adopted English as their official business language) and entrepreneurial and managerial talent (of those that haven't migrated already).