Russian President Vladimir Putin, who is visiting Armenia, on Friday urged both sides to seek new models of cooperation, stressing the huge potential in developing ties between the two countries, especially in investment.

"Russia and Armenia are equally interested in deeper multidimensional ties and see our future in close integration," Putin said at the opening ceremony of the Russia Year in Armenia, the Interfax news agency reported.

"We have to seek effective models of cooperation, open up new opportunities for the free movement of capital, goods and services," Putin said.

Armenia is a "promising partner for Russian businesses in jointenergy, infrastructure, transport and other projects," he said.

Putin singled out investment as an important aspect of Russia-Armenia cooperation.

As Armenia's main investor and trading partner, Russia played an important role, with its investment, in Armenia's efforts to boost key sectors of its economy, he said.

"It (investment) is growing and there lie considerable prospects," Putin told a press conference after talks with his Armenian counterpart Robert Kocharyan.

Putin noted the stable political situation and economic growth in Armenia is a prerequisite for expanding cooperation.

The Russian president arrived in Armenia Thursday for a two-dayvisit, during which he held talks with Kocharyan and attended the opening ceremony of the Year of Russia in Armenia.

Source: Xinhua