PARIS. - Relations between the states are incomplete, if there is no economic component, said President of Armenia Serzh Sargsyan addressing representatives of Movement of the French Enterprise (MEDEF) during his official visit to France.

The President stressed that relations between Armenia and France are deep-rooted, while friendship is based on cultural and spiritual identity. Even geographical location does not prevent from the deepening of friendly relations that emerged centuries ago, he said adding that economic cooperation between the states is deep-rooted as well.

President Sargsyan recalled that back in the 19th century, the French experts conducted a search of copper ore in the region near Alaverdi and engineers from France contributed to the construction of railway in Armenia. The Armenians have also contributed to the development of the French economy. Thus, the founder of one of the first Parisian cafe was of Armenian origin.

“Nowadays, many Armenians are working for the benefit of France and strengthening of ties between the two countries,” he said.

He stated Armenia always attached importance to strengthening of trade and economic ties with France - the second largest foreign investor in Armenia.

As of July 2011, the French investments in Armenian economy amounted to nearly $700 million. The best example is success of French companies registered in the field of telecommunications, wine-making, agriculture and other industries. Major French companies, such as “Orange”, “Pernod Ricard”, “Alcatel” and others are represented in Armenia.

In this regard, the fact that France is not among the top ten trade partners of Armenia does not correspond to the potential of relations between the two countries.

The President pointed out stability of macroeconomic conditions of the republic, which is stated not only by the Armenian government but authoritative international organizations. Favorable business climate and economic projects in the region will help develop and enhance its stability, he concluded.