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Russian, Armenian Presidents To Discussion Situation In Caucasus

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  • Russian, Armenian Presidents To Discussion Situation In Caucasus

    RUSSIAN, ARMENIAN PRESIDENTS TO DISCUSSION SITUATION IN CAUCASUS

    ITAR-TASS
    Sept 2 2008
    Russia

    MOSCOW, September 2 (Itar-Tass) - Presidents Dmitry Medvedev of Russia
    and Serzh Sargsyan of Armenia meet in the Black Sea resort city of
    Sochi later Tuesday to discuss the current situation in the Caucasus
    and new large-scale bilateral cooperation projects.

    "The sides will consider joint projects in the processing industry and
    transport that will facilitate a doubling of Russian capital investment
    in Armenia over the next few years," a Kremlin source told Itar-Tass.

    Medvedev and Sargsyan took the offices of president in their respective
    country this year with an interval of a month from each other.

    Sargsyan made trips to Moscow March 24 and June 24 and a trip to St
    Petersburg June 6 where he attended an informal summit of the CIS.

    "This meeting will become yet another event in the meaty and
    trustworthy dialogue between the two countries that aim develop their
    versatile strategic partnership," the source said.

    "The sides will exchange opinions on the situation in the Caucasus and
    on some pressing issues of the Russian-Armenian agenda, and Medvedev
    will also tell Sargsyan about Russia's assessment of the situation
    that has taken shape in the wake of Georgia's aggressive actions,
    which brought about the only possible decision to recognize the state
    sovereignty and territorial integrity of South Ossetia and Abkhazia,"
    he said.

    "Russia has a definitive leading position among Armenia's foreign trade
    partners," the source said adding that bilateral trade had grown 40%
    in 2005 and 70% in 2006.

    The tendency was fortified by a further 66% increase of trade to 821
    million U.S. dollars in 2007.

    >From January through July this year, trade grew almost 20% versus
    the same period of 2007 and stood at 400 million U.S. dollars.

    "Russian companies become the largest foreign investors in Armenian
    economy, as their accumulated investment has exceeded 1.3 billion
    U.S. dollars," the source said. "The bulk of this investment streams
    to the energy sector, the banking business, mining and metallurgy,
    the construction industry, telecommunications, and information
    technologies."

    "However, the energy sector remains the focal point for investors,"
    he said. "Work is underway to draft a medium-term agreement on Russian
    natural gas supplies to Armenia from 2009 through 2011, and efforts
    continue to set up a united economic facility on the basis of the
    operating and new units of the Razdan hydro power plant."

    "Russian lending institutions show interest towards greater presence in
    Armenia's banking system, and their share in the aggregate registered
    capital of Armenian banks has gotten over a 25% mark," the source said.

    "In August 2007, the Russian diamond corporation ALROSA and the
    Armenian government signed an agreement on cooperation in diamond
    cutting and jewelry making, and special steps will be made this year
    to develop cooperation in that area," he said.

    "Cooperation in the nuclear power industry is moving to a quality
    new stage," the source said. "Along with assistance to ensure safe
    operations of the Armenian nuclear plant, Russian companies are
    ready to take part in the supplementary prospecting and development
    of uranium ore deposits and construction of a new power unit at
    the plant."

    "Our cooperation in the humanitarian sphere is developing dynamically,
    too, as cultural festivals in the format of the Year of Armenia in
    Russia and the Year of Russia in Armenia have turned into feasts of
    communication between the two peoples," the source said.

    He added that Armenia is taking part in the programs of diversified
    humanitarian cooperation in the CIS format.
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