THE business promotion visit made to Russia last week by Mr Goh Chok Tong and Mr Lee Kuan Yew emphasised anew the fact that assumptions about investment and nations' growth prospects are not static.

Even after communism was overturned in the Soviet bloc to give rise to nascent market economies in Eastern and Central Europe, besides the more stable of ex-Soviet republics, Singapore businesses could not have imagined that Russians would be a new revenue stream.

But here they are, Russian tourists spending big and recording ever- growing arrival numbers. They out-spend even some richer West Europeans. As always, logistic links have been the enabler in tourism, with Singapore Airlines facilitating the process by starting Moscow-Singapore fights.

Offshore investment in Russia is a bit different. The two leaders acknowledged after their meetings in Moscow that unfamiliarity with the language and cultural norms were a challenge. But shouldn't it be up to businessmen to crack the code? High-level contacts have been made. If they can sniff out the money-scented opportunities and can network with Russian partners, Singaporean investments need not be confined to the portfolio type led by Temasek Holdings' state-owned enterprises and associates. As with Russia, the template would apply also to ex-command economies such as those of Poland, Hungary, the Czech Republic, Slovakia and Romania.

Singaporean businessmen still depend too much on the political leaders to spot nations with growth prospects and to open doors for them. They should shed their provincialism and get aggressive. The Koreans and Taiwanese are role models. They should also be sensitive to the changing geopolitics of business, and not leave all the homework to the politicians.

Besides China and India, and now Russia, a wealth of research by the World Bank and consultancies has pinpointed surprises in investment destinations. Did they know that Brazil, Botswana, Malta and Oman were among 13 nations that sustained growth above 7 per cent for over 25 uninterrupted years after World War II? Brazil is tipped as hot.

Where are the Singaporeans? In any listing of nations set to catch up with the OECD bloc within 15 to 50 years, China, India and Russia are prominent. Did they know Venezuela and Argentina in South America, and Romania, Poland and Hungary in the enlarged European Union, show growth potential not too distant from China's? Globalisation and the collapse of military dictatorships in Latin America and of command systems in Eastern Europe have altered assumptions in international business. Tax systems are being simplified, air links opened. Are Singaporean entrepreneurs ready?