August 28th, 2012
Union Grand Energy: A View from the Investment Trenches of Azerbaijan
Twenty years after exiting the Soviet Union, Azerbaijan has re- emerged as a major oil economy. Its GDP has reached $60 billion and its annual GDP growth has at times exceeded 40%. Additionally, its 9 million population is increasingly educated and has now reached a nominal GDP per capita of $6,000 (about half that of Saudi Arabia).
Azerbaijan is one of the developing economies that is becoming increasingly attractive to foreign companies and investors. In the last weeks, we have have seen FT articles by both Fiona Rintoul and Emma Boyde about this.
So this month we reached out to Vagif Karimli of Baku-based Union Grand Energy. Vagif is a native of Azerbaijan and has a particularly good on-the-ground viewpoint of the real investment environment. We spoke with him about the current state of the economy – as well about his own personal career path from the legal work to China and back home to Baku. (continued here).