IT COULD be the perfect time to start a business or to invest in Russia, according to the executive director of the Russo-British Chamber of Commerce.

Stephen Dalziel, who was the BBC’s Russian affairs analyst for 16 years up until 2004, believes a number of opportunities exist for those people willing to put in the time and effort.

‘There are only 100,000 mortgage holders, so there are a lot of people with a lot of disposable income.’

Mr Dalziel said the country, which has a population of around 140 million, was now very much a consumer society. It was also still suffering from the effects of recession following the global economic crisis, so property prices were lower and the country was looking for inward investment.

Russians, by nature, admire and respect people who look after them through difficult times so investing in the country now would gain a lot of favour with the population.

Entry into markets such as Moscow and St Petersburg was the easiest route to begin with, according to Mr Dalziel, but for those who were bolder and perhaps knew the market a little better, looking towards cities and areas in Siberia and the Asian parts of Russia could prove to be even more lucrative.

But making good contacts and selecting the right Russian partners was crucial because of the bureaucratic nature and varying processes and customs involved in doing business in the country.

‘Whatever organisation you work with, you need to meet the guy at the top of the pyramid but that doesn’t mean putting money in brown envelopes. It means spending time with them and building a relationship to make them a contact.’