PRESS RELEASE MAY 3, 2002

TURKISH-ARMENIAN BUSINESS DEVELOPMENT COUNCIL CELEBRATES FIFTH ANNIVERSARY

The Turkish-Armenian Business Development Council (TABDC) proudly
celebrates its fifth anniversary on May 3, 2002 and extends its gratitude
to the Governments, members of the press, and, most importantly, the
business leaders of both Turkey and Armenia for being open to the
prospects for cooperation short of a final solution to the outstanding
political issues. These first five years have been a resounding success on
many levels, from sponsoring numerous trade missions to spearheading joint
cultural activities to organizing the supply of earthquake aid from
Armenia to Turkey.

“A new dialogue has been opened between Turks and Armenians on many
platforms and we are grateful for the support TABDC has received from the
Armenian diaspora community, the Black Sea Economic Cooperation Business
Council, and from political leaders around the world,” said Kaan Soyak,
TABDC co-founder.

Disappointed with the slow progress to promote political reconciliation,
TABDC was co-founded in both Turkey and Armenia in 1997 to foster the
creation of new trade links between the business people of Armenia,
Anatolia and the Armenian Diaspora by acting as an intermediary vehicle to
develop new avenues of cooperation. The Council’s initial goal was to
help Armenian and Turkish companies streamline their operations and their
lines of communication. Numerous TABDC sponsored trade missions since
have introduced business leaders, in strategic sectors such as textiles
and agriculture, to their counterparts across the border. TABDC is now
involved in over 70% of all Armenian-Turkish transactions through this
facilitation of direct trade between buyers and sellers in both countries,
thus effectively removing third party brokers.

TABDC has grown from its early business focus to become an influential
line of communication between the two governments as well. Advocating for
the opening of the Turkish-Armenian border and the establishment of
diplomatic relations, officials from TABDC have established and maintain
close ties with political leaders in both countries by advocating common
interests in the creation of strong global economic policies. One of the
highlights of this cooperation was the leading role TABDC played to
arrange for the supply of earthquake aid from Armenia to Turkey in both
August and October of 1999.

Officials from TABDC have engaged the media in both countries in an effort
to bring Armenian-Turkish reconciliation issues to the forefront of public
opinion and have enjoyed remarkable success over the years in increasing
the number of news stories dedicated to this cause. TABDC has lobbied
government agencies, political parties, and think tanks in both countries
to begin to explore creative ways to heal the troubles of our collective
past. And forging ties between special interest groups in both nations
has been put on a fast track by TABDC sponsored exchange missions between
business leaders, journalists, and women’s groups. In 1999, Yerevan State
University and Middle East Technical University signed a Memorandum of
Understanding for student and faculty, and many new contacts have
flourished.

TABDC identified the promotion of tourism and restoration of Armenian
historical sites as another way to contribute to the economic development
of both Anatolia and Armenia and to start to rebuild a cooperative and
congenial relationship between the two populations who have lived together
for centuries. The premier tour organized by the Diocese of the Armenian
Church of America and TABDC in June of 2001 included over 150 participants
and was a great success. Together with the financial support of the
Istanbul Chamber of Commerce, a restoration project of Akhtamar Armenian
Church on the Lake Van is now underway.

A sold out concert in Istanbul featuring Udist musician Richard Hagopian,
together with the Turkish group Lalezar, was organized by TABDC in March
of this year and was a highlight of its efforts to promote joint cultural
activities. Other features of its cultural exchange activities included
producing an album named “TURAR,” inspired by the sounds of Anatolia,
which blend the best of Turkey and Armenia.

Another aspiration of TABDC is to mobilize the Armenian Diaspora to use
their extensive business expertise and worldwide political connections to
help develop new commercial opportunities for communities struggling on
both sides of the Turkish-Armenian border. Most recently, a group of
Russian Armenian businessmen traveled to Turkey at the invitation of TABDC
from March 25 to 30, 2002. This was an historic first visit to Turkey for
these entrepreneurs and provided an introduction to Turkish trade and
industry leaders.

TABDC has raised grant funds to support the development of regional
projects. Together with their partner, the International Center for Human
Development in Armenia, TABDC is working to establish a regional
agricultural cooperative with funding from the Center for Global Peace at
American University. A computer network is being created to link cities
in Eastern/Southeastern Turkey and Armenia to share information collected
on harvest forecasts, cultivation methods, market surveys and suppliers of
seed, chemicals, fertilizer and farm equipment. The goal is to eventually
purchase supplies as a cooperative and jointly market their produce abroad
to promote the growth of this struggling region.

Since its inception, TABDC has been promoting a Turkish-Armenian
cooperative strategy to jointly develop regional transportation projects.
Ongoing talks between TABDC, the Intergovernmental Commission “TRACECA”
for the Transport Corridor Europe/Caucasus/Asia and Turkish State Railways
have sought to promote the inclusion of the Turkish railway system in the
TRACECA plan as one of the most cost-effective, commercially viable and
strategically beneficial East-West rail links. TABDC welcomed the
approval by TRACECA last December of the new map that includes the
highways, railroads and ports of Turkey in the highlighted routes of its
East-West transport corridor.

TABDC welcomes the intention of Armenia, Azerbaijan, the European
Commission, and the U.S. Government to support the initiative to re-open
the Yerevan-Nakhitchevan-Baku rail link, and calls on these parties and
the Republic of Turkey to hasten talks to open the Turkish-Armenian
border, which will further develop regional trade and improve prospects
for the ultimate realization of the Baku-Mersin railway project that will
link the Mediterranean Sea and the Caspian Basin.

Arsen Ghazarian, TABDC’s other co-founder, asserts that “we believe that
peace and stability in the region, the opening of the border between
Turkey and Armenia, and the final settlement of all political issues are
on the horizon.” In the meantime, TABDC will continue to build small
bridges between Turkey and Armenia to contribute on a daily basis to the
creation of an atmosphere of renewed trust that will help to enhance the
public’s faith in the effectiveness of a collaborative approach in terms
of promoting economic welfare, normalization of political relations and
pacification of the region.

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