Azerbaijan
Azerbaijan is bounded by the Caspian Sea to the east, Russia to the north, Georgia to the northwest, Armenia to the west, and Iran to the south. Main city is Baku.
Mining and hydrocarbon industries accounted for well over 95 per cent of the Azerbaijani economy. Diversification of the economy into manufacturing industries remains a long-term issue. Exports - commodities–petroleum and natural gas, petroleum products, oilfield equipment; steel, iron ore, cement; chemicals, petrochemicals, textiles, machinery, cotton, foodstuffs.
Trade with Russia and the other former Soviet republics is declining in importance, while trade is building with Turkey and the nations of Europe. Long-term prospects will depend on world oil prices, the location of new oil and gas. Financial Services industry is not developed well. The country has 47 banks at present and almost no independent asset management companies. Oil and gas bring a lot of wealth for the countries elite which have almost no alternatives but real estate and bank deposits.