YEREVAN (PanArmenian.net)—The opening of the Armenia-Turkey border will devastate Armenia’s local economy and throw businesses into bankruptcy, warned an expert from the Mitk Analytical Center on Friday during a news conference in Yerevan.
“We are seriously concerned that the opening of the border will considerably damage the Armenian economy,” said Edgar Helgelyan.
Adding to his research, which has been submitted to the Armenian government, Turkey exports 168 times more goods to Armenia than Armenia does to Turkey.
A very serious threat looms over the Armenian economy, he warned, explaining that once the border is opened, large Turkish companies will gain unfettered access to Armenia’s markets and the ability to buy and control critical and strategic spheres of Armenia’s economy.
“Imports from Turkey to Armenia account for about $178 million, while exports from Armenia to Turkey do not surpass $1.8 million,” he said, adding that Armenia’s economy cannot match the massive amounts of goods that will flood its markets once the borders are opened.