"The growth still seems to be there, but we are approaching a saturation point," Jo Lunder said. "As it looks now, VimpelCom is growing very well, and I have no reason to believe that should not continue."
He said one of the main challenges for VimpelCom and rival mobile operators was to shift focus from winning customers and market share to efficiency in operations and building brands and services.
Lunder, who is also the new chief executive of Norwegian information technology firm Ementor, said the Russian market remained the primary market for VimpelCom, but it was also seeking opportunities elsewhere.
Lunder also said that several former Soviet republics showed good development, and that VimpelCom was considering entering those markets.
The firm started operations in Kazakhstan in September last year.
"Besides there, the board will consider investments outside Russia on a case-to-case basis," said Lunder.
VimpelCom's biggest shareholders are Alfa Group, with 32.9 percent of the voting stock, and Norway's Telenor, which has a 26.6 percent stake.
In December, VimpelCom faced hefty tax claims that sent shockwaves across the market and fears of a Yukos-style state intervention, but those claims were later sharply reduced by the authorities.
"The tax case was solved in a very satisfactory way," Lunder said. He said investors had to be aware that business in a country like Russia, where returns are high, also involves more risk.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.