“The possible border opening will be a good stimulus for diversification of Armenia’s economy.”
The possible border opening will be a good stimulus for diversification of Armenia’s economy, said head of the WB Yerevan officeAristomene Varudakis.
“In addition, it will be possible to reduce prices on exported and imported goods thus cutting inflation rates,” he told a news conference Friday.
However, according to Varudakis, this will also be a challenge for Armenia.
“Armenia will be obliged to open its internal markets of other goods and become more competitive, which in turn will reduce oligopoly,” he said.
According to him, the possible opening of the Armenian-Turkish border provides wide opportunities not only for Armenia and Turkey but also for the whole South Caucasus region.
“The World Bank supports any initiative that assists to the transborder trade and trade relations between the countries,” he noted.
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