According to Cramer, the fears with TLK have been that increased competition will cause lowers rates in Indonesia, and that will hurt TLK's profits. But with subscribers only using a fraction of the minutes that those in other countries do, Cramer says the lower rates will only increase usage. Cramer also likes the company's 2.6% dividend yield, and its current valuation, which is only at 13 times earnings despite the company's 21% growth rate. "At these levels, TLK is a steal," says Cramer.

According to Cramer, MICC has access to potentially 151 million subscribers in Africa, 59 million in South America, 26 million in Central America and another 40 million in Asia. The company, he notes, does exceptionally well in the countries in which it operates by taking advantage of prepaid calling cards and billing by the second, as opposed to the minute, in order to make service more affordable to lower income individuals. He noted that in 2006, MICC grew its subscribers by 8.4 million, up 56% from the previous year. In the fourth quarter, sales were up 41% and the company announced a special dividend, making it an "ultra-pro shareholder company."

While Cramer praised both Russian telecom stocks, he recommends MBT over VIP. MBT, he said, has a higher marketshare, is the safer of the two stocks, and is a better value. With a 1.8% dividend yield, MBT currently trades at just 13 times its earnings with a 17% long-term growth rate.

When it comes to telecom, Cramer says investors looking for growth should look no further than these Russia phone giants: Mobile Telesystems (MBT) and Vimpel Communications (VIP).

For a good international play, Cramer recommended Turkcell (TKC), the largest wireless carrier in Turkey. The company currently has a 58% market share in Turkey and Cramer says Turkcell is expanding into neighboring, less-penetrated countries, affording it incredible growth potential.