Opening of Armenian-Turkish border a challenge for Armenian economy

Arsen Kazarian, Chairman of the Union of Armenia’s Industrialists and Entrepreneurs, thinks that 2009 was a challenge for Armenia’s economy, the biggest since the collapse of the nineties. He suggests that the crisis forced Armenia to improve its compatibility with international markets and therefore gave it a good base for 2010. He adds that forthcoming years will see development as Armenian industrialists have withstood the crisis and no company has closed down.

The opening of the Turkish-Armenian border will also be a challenge as Armenians will be competing with Turkish capital. However Armenia will also be able to access the Turkish market of 70 million people. Kazarian states that there are serious signs that Armenia will reach its preliminary target of 1.2% annual growth.