NEW YORK -- The Russian electronics manufacturing industry will grow 165% over the next seven years, reaching $4.91 billion by 2015, according to a new report.

However, says research firm Frost & Sullivan, the recession will continue to impact foreign investments in electronics manufacturing, with many multinational companies opting to delay investments there.

In Russia's favor: more favorable laws and business regulations, plus increased demand for consumer electronics.

The firm pegs the Russian market at $1.85 billion in 2008.