( RBC ) Russian investment in Armenia's economy is expected to reach $500m by the end of 2007, Russian Transport Minister Igor Levitin, who is also the co-chairman of the Russian-Armenian intergovernmental economic cooperation commission, told a press conference in Yerevan today.
Levitin noted that Russia and Armenia had established a good partnership and friendly relations, but there was still room to increase investment. He also noted that transportation problems still hampered developing economic ties between the two countries.
In turn, Armenian Prime Minister Serzh Sargsian added that this year had seen improvement in the economic relations between the two countries thanks to governmental efforts and expressed hope for even greater success for years to come.
According to Armenia's National Statistics Service, Russia's total investment in the country stood at $74m in H1 2007, $38m of which were direct investment.