At talks in a Russian Black Sea resort of Sochi, Vladimir Putin and Robert Kocharyan discussed trade and the implementation of agreements between the former Soviet allies.
"On the whole, we are satisfied with the steady growth in trade over the past few years," Putin said. "It increased 40% in 2005, and 70% in the first eleven months of 2006."
"The final figure for the whole last year may reach about $500 million," the president told a news conference following the negotiations.
Kocharyan said he hoped Russia would reclaim its leading positions among Armenia's foreign investors by March.
"Trade is on the increase, and Russian investment in the Armenian economy has also grown substantially," Kocharyan said.
The Armenian leader said ambitious energy projects had already been launched, and that the sides were considering Russian participation in Armenia's mining industry.
