Igor Levitin who co-chairs the Russian-Armenian intergovernmental commission, participated in the opening of a business forum earlier in the day in Yerevan, organized by both countries.
"According to our figures, bilateral commodity trade is growing by an annual rate of more than 50%," Levitin said, adding that in 2006 the figure had risen by 70%.
Levitin said Russia invested a total of $1 billion in Armenia's economy from 1991 to 2007, with most of the funds going to the banking sector, communications, information technology, transport, chemicals and mining.
The minister said Russia's investment in the ex-Soviet state's economy was set to double in the next few years.
Prime Minister Serzh Sarkisyan who represents Armenia on the intergovernmental commission, said Russia's investment accounted for a third of total accrued investment in the Armenian economy.
However, opposition leader Artur Bagdasaryan, presenting his campaign program for the upcoming presidential election, said he saw Armenia's political future in joining the European Union.
"I see Armenia's future within the EU. This means that our foreign policy should prioritize profound reforms in the country so that one day Armenia can become a full-fledged EU member," the leader of the opposition party Orinats Yerkir (Rule of Law) said.
