RUSSIA: The Moscow Times has reported that the country's yacht business is growing by 30 to 40 percent every year.

In 2005, Russians bought only six percent of the luxury yachts produced in the world, but by 2008 that figure had reached 30 percent.

The main drawback on growth in Russia appears to be limited infrastructure, namely dock space and a lack of fuelling stations.

Although luxury yachts longer than 12 metres are primarily purchased for use in the Mediterranean, people in the business say they expect this to change once infrastructure is developed in Russia, and as the Mediterranean becomes increasingly congested.

The global shortage of building capacity for commercial ships as well as large yachts (50m+) remains, presenting good opportunities for New Zealand ship builders

While there is much potential for boat builders in Russia, the market is highly complex and the need for a reliable business partner is fundamental.

For more information contact Peter Moller, business development manager, New Zealand Trade and Enterprise (NZTE), Hamburg.

Contact NZTE’s Hamburg office.