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With its rapid economic progress, Russia promises to become a vehicle of many other CIS countries’ economic development. Armenia is among such countries, Mr Putin said.

He told the gathering that business interests had been taken into account in blueprinting economic projects of essential importance for Armenia in the fuel-and-energy and military-industrial complexes, transport, and metal and chemical industries. The two countries intended to establish a number of joint ventures in those fields, he added.

Mr Putin stressed the importance of reviving Armenian-Russian transport communications.

After a short opening address, he called the business leaders in the audience to express their views on the prospects of bilateral relations.