During the negotiations held in Novo Ogarevo (Podmoskovie, Russia) Armenian and Russian Presidents Robert Kocharian and Vladimir Putin stated they are satisfied with the development of bilateral economic relations. As Russian President has emphasized, Russia and Armenia "are efficiently working in this direction what finds reflection in the rate of economic interaction". V. Putin reminded that in 2003 the commodity circulation between Russia and Armenia increased more than 34%. Robert Kocharian, from his part, said that due Property for Debt treaty the two countries entered a new phase of economic relationship. In his opinion, "a lot of interesting events" are taking place in the economic area of bilateral relations. He also reminded of Vneshtorgbank's integration in Armenia and underscored that the chemical industry began functioning thanks to Russian investors. In Kocharian's words, "Russian businessmen are interested in investing funds in the Armenian economy, in construction and other areas, for instance".