For some truly daring frontier market investors Azerbaijan is beginning to look interesting, as a report in Monday’s FTfm explains.
There is no doubt that it has long term potential. In the 19th century Baku became known as the Black Gold Capital of the world and it remains rich in undeveloped petroleum resources. Its position in central Asia between the east and the west on the Caspian sea put it firmly on the old Silk Road and also gave it a rich trading history.
But opportunities for modern day investors are much more limited. For a start off, there is no stock market. ”The local exchange only trades corporate bonds,” says Aivaras Abromavicius, partner at East Capital, the Swedish emerging markets specialist.
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