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So, when you think about the top ten locales for IFAs… is Azerbaijan among them? Probably not.
Well, if you take a closer look, you may be pleasantly surprised.
With a massive oil and gas industry, Azerbaijan offers terrific opportunities for Financial Advisers - possibly among the best opportunities in the world.
The Republic of Azerbaijan is located at the crossroads of Europe and Southwest Asia. The country borders the Caspian Sea on the east, Russia on the north, Georgia on the northwest, Armenia on the west, and Iran on the south.
Azerbaijan has a population of close to eight million, about 25% of which is in its capital and largest city of Baku. Baku is located close to key petroleum fields near the border with Iran; oil refining is the city’s chief industry.
Commercial exploitation of oil in Baku began in 1872, and by the beginning of the 20th century the city’s oil fields were the largest in the world.
Petroleum Boom
In recent years, there has been a continued increase in interest among foreign investors in Baku. Among the commonly cited reasons for its investment attraction, the country is centrally located between the East and West along the Transport Corridor. In addition, and certainly most importantly, Baku possesses substantial hydrocarbon resources. In fact, by the early 20th century, Azerbaijan was supplying half the world's oil.
Obvious signs of that boom are clearly visible. For example, Baku’s waterfront is full of the local oil barons’ very extravagant mansions. One such oil baron built a replica of a Venetian palace; another built the Muslim world’s first opera house.
And the country is on the verge of another oil boom.
A 1,600-metre pipeline recently began pumping oil from Azerbaijan's Caspian Sea coast, through neighbouring Georgia, to a Turkish port on the Mediterranean Sea. The pipeline allows Azerbaijan to ultimately increase its oil exports four-fold.
The pipeline is expected to pump more than a million barrels of oil a day, from offshore platforms all the way to tanker ships waiting in the Mediterranean Sea. Given current oil prices, that expectation bodes very well for Azerbaijan.
Over the next four years, the government anticipates close to a phenomenal tenfold increase in revenues due to the project. In addition, a recent report projected that the country can potentially generate up to $10 billion of new business opportunities by 2008.
Baku
While the energy sector in Baku attracts the majority of international capital, there are also rapidly increasing opportunities in export/import, construction, engineering, food production, financial services, telecommunications and agricultural supplies.
The centre of Baku is the old town, or fortress, of Icheri-Shekher. The town is extremely scenic, with a maze of narrow alleys and ancient buildings. Most industrial works are located at the eastern and south-western ends of the city.
The streets and buildings of modern Baku spread up the hills that rim the Bay of Baku. Greater Baku is divided into 11 districts - Azizbayov, Binagadi, Garadagh, Narimanov, Nasimi, Nizami, Sabail, Sabunchu, Khatai, Surakhany and Yasamal – and 48 townships. Among the townships are some on islands in the bay and one island town built on stilts in the Caspian Sea.
Baku – and Azerbaijan overall – is considered by many to be one of the friendliest places in the former Soviet Union.
Climate
Baku’s climate is hot and dry in the summer and cool and wet in the winter. The average temperature in July is +26ºC, and in January, +3ºC. The south-western part of Great Baku is a drier region of Azerbaijan. Baku sits on the Abs heron peninsula, and it is frequently buffeted by winds blowing across the Caspian.
Leisure Time
Baku features a very wide range of international restaurants, including some excellent Indian, Chinese and Thai eateries. Prices vary from good value to expensive.
And, worry not; there is plenty to do here when you are not generating business!
There is a wealth of wonderful beaches, as well as plenty of historical monuments and places to visit. Azerbaijan was once a main stopover on the Great Silk Route, and there are many captivating sights to see in this ancient country. In addition, the city features an abundance of outdoor activities, including horseback riding, camping, fishing, etc.
A prominent photographer was quoted about Baku: “Baku is like an old forgotten book that you discover in your grandmother's attic. Once you've wiped off the dust and delved into its pages, you stand amazed at its treasures.”
Among many other factors, with a massive oil bonanza imminent, Baku is a city that promises endless and lucrative IFA opportunities.
For further information about Baku we recommend that you visit http://en.wikipedia.org/wiki/Baku where you will find many useful links and informative articles to prepare you for your move.