"Asia's internet users are forecast to increase to 64 million by 2003 at 40 per cent annual growth rate. Investors can ride the Asian internet wave by investing in telecommunications companies with internet service providers (ISPs) such as SK Telecom, Korea Telecom, VSNL and MTNL," a report by the investment bank titled `Goldman Sachs Asia Web' said on Wednesday.

Internet is expected to generate about $32 billion in e-commerce sales and help internet advertising in Asia become a $1.5-billion industry by 2001, it said.

In the next 12 months, Goldman Sachs investment research believes that ISPs offer the best revenue generation potential. But over the medium to longer term advertising and e-commerce will become the most significant revenuedrivers for the internet in Asia.