SOCHI, May 19. /TASS/. Russian President Vladimir Putin sees a vast potential for cooperation with Myanmar and urges steps to promote contacts at the business level.

"One should say straight away that the level of trading and economic relations is not very high for the time being, but there is a good potential for the development of our relations," Putin said at a bilateral meeting with Myanmar’s President Htin Kyaw. "This applies to the economy, politics and military-technical cooperation."

Putin said the first steps had already been taken along these lines. Some Russian businesses displayed growing interest in Myanmar’s markets.

"I believe that our business community should be encouraged to work jointly along the guidelines of mutual interest," Putin said.

He added he was very glad to welcome his counterpart in Sochi.

"I have an excellent opportunity to personally congratulate you upon election," he said. "I am very glad that the Myanmarese president has paid the first visit to Russia."

Htin Kyaw expressed interest in Russian investment into his country’s economy.

"We were very pleased to learn that Russian businesses are interested in the development of Myanmar’s economy and in mutually beneficial cooperation. Russian investment in Myanmar will be highly welcome," he said.

Htin Kyaw thanked the Russian leader for the meeting.

"It is a great pleasure to have a meeting with you. I very much appreciate it you reserved the time for the meeting," Htin Kyaw told Putin. He expressed gratitude for the warn reception and hospitality he enjoyed in Russia. Also, he said he liked Sochi very much and described it as a "very beautiful city."

Htin Kyaw has been Myanmar’s president for less than two months. This is his first meeting with the Russian president. Their talks were the first in a series of Putin’s bilateral rendezvous due Thursday. Later in the day Putin would meet with the leaders of Brunei, Thailand, Cambodia, Malaysia, Vietnam, Singapore and Laos.