Monday, June 17, 2024
Monday, June 17, 2024
Home » Armenian economy minister: Reopening Turkey border will boost growth.

Armenian economy minister: Reopening Turkey border will boost growth.

by Abram Tsitsishvili
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Minister of Economy Vahan Kerobyan says Armenian businesses will feel the “positive effect” if the land border with Turkey gets reopened, Armenpress reported.

Kerobyan spoke also about possible air trade.

“According to our information regular air cargo flights aren’t operated yet,” Kerobyan told Armenpress when asked on the possible economic impact of Turkey lifting the ban on air trade with Armenia. “And, to be honest, given the proximity of the countries, it’s possible that there won’t be any [regular air cargo flights] because the land transport connection through Georgia is rather affordable. And at first glance, air [cargo] connection isn’t too attractive,” Kerobyan said.

However, he did not rule out that some products will be transported by air.

“Nevertheless, cargo is transported on passenger flights, too, which is basically a type of air cargo transport. There are no cargo planes yet, and perhaps there won’t be any. We aren’t too worried about that,” the minister added.

Asked on the economic impact of the possible reopening of Armenia’s land border with Turkey, Kerobyan said: “The opening of the border with Turkey will lead to high economic growth, as the Turkish market and the opening of connections will give broad possibility, access in terms of shipping goods to both the Turkish market itself and to countries in the Middle East. All of this, naturally, shouldn’t be viewed in a local, small picture. This is a small part of a larger picture. And if the geopolitical circumstances get arranged in our favor and eventually we reach that moment, then I am sure that all businesses in Armenia will feel the positive effect.”

Asked on the possible risks for Armenian manufacturers in conditions of the border with Turkey being reopened, the economy minister said that naturally there will be risks, but the Armenian government is carrying our serious work in that regard. As an example Kerobyan mentioned the “unprecedented” assistance given to process manufacturing enterprises and companies of a number of other sectors, so that the companies—using the possibilities given by the high economic growth, among others—will be able to modernize their business, digitize and upgrade their equipment and processes, and become competitive companies with higher productivity.

“With last year’s data, we funded deals worth 56 billion drams, as a result of which 901 contracts were signed for the acquisition of new equipment for business use,” Kerobyan said.

Source: news am

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