Armenia's economy is closely integrated with Russia's, but this does not hinder active cooperation with the EU, Armenian President Vahagn Khachaturyan stated during a lecture at St. Kliment Ohridski University in Sofia, during a state visit to Bulgaria.

According to him, this connection between Yerevan and Moscow is linked to Armenia's membership in the EEU.

The president explained that Armenia's economic growth this year is conditioned by the inflow of labor force and companies from Russia, Belarus and Ukraine.

"And the favorable tax and financial and banking environment is another incentive for foreign investors and firms," Khachaturyan said.

The president noted that Armenia pays special attention to developing high technologies and attracting foreign companies.