Russia is ready for developing cooperation with Armenia, including assistance to the Armenian economy, RF Prime Minister Vladimir Putin stated at his meeting with RA President Serzh Sargsyan.

Russia is a leading economic partner of Armenia. The bilateral trade turnover is showing a rather high level. “True, it somewhat decrease during last year’s crisis, but it is rapidly recovering,” Putin said.

Even last year, direct Russian investments in the Armenian economy increased by U.S. $0.5 billion and reached U.S. $2.8 billion. Also, last year Armenia received a U.S. $500 million state credit.

“Our largest companies are actively working in the Armenian market, and we are grateful that you, as well as the Armenian Government, create necessary conditions for this cooperation,” the Russian Premier said.

President Serzh Sargsyan stated that Armenian-Russian strategic partnership is steadily developing. “Russia remains Armenia’s major trade and economic partner. You are right, our bilateral trade turnover has increased by 12% this year,” the Armenian President said.

Joint projects are evidence of long-term economic ties. “This is also the construction of new power unit of the Metsamor nuclear-power plant, modernization of our rail transport. Long-term and huge investments have been made in the sector. We are developing very well,” the Armenian leader said.

“Thank you very much again for this credit. But for this money, we would not be able to recover this year. We are recovering this year. On the other hand, like in Russia, our agricultural sector has had some problems. This is accounted for by the weather. Our industry registers a 10% growth, whereas we have a decline of 17 to 18 per cent in our agricultural sector. We hope very much that, in cooperation with Russia, we will overcome the crisis – because our major enterprises are either joint enterprises or ones with Russian capital,” Sargsyan said.

The Russian Premier said that, despite serious problems in its agricultural sector, Russia responded to “our Armenian friends’ request and shipped 1,000 tons of grain this September for timely sowing and good yield next year. We are ready for further cooperation in this field. We are informed of Armenia’s needs and will settle all the issues,” Putin said.

The Armenian President thanked the Russian Premier.