On January 17, Armenian President Serzh Sargsyan participated in the opening of Armenian-Cypriot business forum in the course of his official visit to Cyprus.

In his address to the participants, President Sargsyan spoke of the current stage and prospects for the development of Armenian-Cypriot economic relations, RA presidential press service informed NEWS.am.

Commenting on bilateral economic ties, Serzh Sargsyan noted they do not conform to friendly relations between the nations and the sides should overcome this shortcoming.

“We should improve the situation to ensure mutually advantageous trade and economic cooperation which will yield results in the near future.  The other day the first meeting of the Armenian- Cypriot inter-governmental committee was held in Yerevan. It is a good opportunity to make consistent moves aimed at expanding cooperation.

I would like to point out tourism and banking sector as priority fields. Today we have signed memorandum on mutual understanding for 2011-2012 on Joint actions for implementation of agreement in the field of tourism. It is a good basis for efficient cooperation in this sphere,” President said.