YEREVAN (ARKA)–Vazgen Safarian, chairman of a presidential Public Council’s committee in charge of financial and economic issues, said today Armenia could sell $250 million worth electricity to neighboring Turkey if both countries normalized their relations.

Speaking at a news conference he said Armenian exports to Turkey may skyrocket to $300 million a year and apart from electricity Armenia could also sell confectionary and industrial goods to Turkey.

He also said Armenian textile goods could compete with Turkish at global markets if the government supports the sector.

Turkey and Armenia have had no diplomatic ties since Armenia became independent from the Soviet Union in 1991. Turkey closed its border with Armenia in 1993 in a show of support for its ally, Azerbaijan, which had a dispute with Armenia over Nagorno-Karabakh, the ethnic Armenian enclave of Azerbaijan.

There are several sensitive issues complicating the establishment of normal relations between the two countries, particularly Ankara’s blatant support of Azerbaijan in the Nagorno-Karabakh conflict resolution process and Turkey’s refusal to acknowledge the mass killings of Armenians in the last years of the Ottoman Empire as a genocide.

On October 10 Ahmet Davutoglu, Turkey’s foreign minister, and Edward Nalbandian, his Armenian counterpart signed two protocols in Zurich, Switzerland on establishment of diplomatic relations and development of bilateral ties. The protocols will still need ratification by their respective parliaments.