The chief executive of US retail giant Wal-Mart has said that India and Russia are ripe for retail expansion.

Speaking at the National Retail Federation convention in the US, CEO Lee Scott said he was excited about the opportunities in India and Russia. He also said there was scope for growth in China on a similar scale to that achieved in the US, reported Reuters.

Scott said it was difficult to open stores in China, but added that in a country of one billion people, there were huge possibilities for growth.

He also said that Wal-Mart’s unprofitable German operation was slowly improving, and that the US company had misjudged consumers’ tastes there.