Last year, trade between Russia and Armenia reached $1.6 billion, Russian Foreign Minister Sergey Lavrov stated at a press conference in Armenian capital Yerevan on Wednesday.

According to him, this is a record figure—more than a third of Armenia's entire foreign trade. Russia remains Armenia's first trade and investment partner. Moreover, more than 90 percent of payments are made in national currencies.

The Russian FM noted Russian operators are key taxpayers and employers in Armenia. Lavrov added that the flow of Russian investments to such important sectors as agriculture, transport, logistics, and mining, continues in Armenia.

Noting the expansion of mutual diplomatic presence, Russian FM noted the continuation of preparations for the opening of the Russian consulate general in Kapan, Armenia.

Also, the two parties are interested in developing fraternal ties between the regions of Russia and the provinces Armenia—and to this end, an interregional forum will be held.