Historical Armenia-Turkey Protocols signed by both Foreign Ministers in Zurich October 10 will have a major effect on business in the region, stated political analyst Aram Ekin Duran, Hurriyet informs.

The border opening (according to Hurriyet forecast in early 2010) will give stimulus to industrial cooperation particularly textile and food, as well as tourism sector.

During the blockade, when Georgia was the only roundabout linking Armenia and Turkey, the annual trade turnover between the countries was U.S. $150m, an after the border opening it is expected to reach U.S. $500m.
Hurriyet quotes Kaan Soyak, Co-Chairman of the Turkish-Armenian business group, who deems that the freight from Mediterranean and Central Asian states will come to Armenia via Turkey crediting extra $150m to its budget. Besides, Turkish textile industry having transportation issues with Russia will boost.

“Due to Free Trade Agreement between Armenia and Russia, Turkey will have free textile export to Russia. If 5% of the textile is produced in Armenia, it will assist the development of East Anatolia,” maintains Soyak. Unblocking of the border will also enhance the inflow of Armenian tourists to their historic motherland, bringing additional funds to Turkish budget.