RUSSIA INVESTING HEAVILY IN ARMENIA’S ECONOMY

RosBusinessConsulting, Russia
April 11 2007

RBC, 11.04.2007, Yerevan 13:59:18.Russia is Armenia economy’s
largest investor, First Deputy Prime Minister Sergei Ivanov said at
today’s joint press conference with his Armenian counterpart Serge
Sargsyan. According to Ivanov’s data, trade turnover between the two
countries surged 70-80 percent and exceeded $500m over the previous
years. He also said that Russia invested heavily in energy, nuclear,
transportation, and communication industries. However, Ivanov added
that there were some problems in bilateral relations, which had to
be solved.

Ivanov also said that Russia’s military base in Armenia provided
security for the two countries and served as a means of bilateral
strategic cooperation.