"Our countries have long enjoyed relations as partners, and today's talks confirmed the need to expand our contacts in all directions, including trade, investment, where much can be done, small and medium-sized businesses, culture, tourism, medicine and education," Medvedev said.
"I would like to express satisfaction with the growth of bilateral relations in the economic sphere and most of all in tourism," Greek Cypriot President Dimitris Christofias said, adding that the bulk of all visitors to Cyprus came from Russia.
The two presidents agreed a joint declaration on further strengthening friendship and all-round interaction between their countries, while documents were signed on cooperation in the medical field and between their justice ministries, and a memorandum of understanding on financial markets.
The Greek Cypriot leader also voiced support for Medvedev's proposal to draft a new legally-binding pan-European security treaty.
"I welcome Russia's initiative to upgrade and modernize the European security system," Christofias said.
Cyprus has long been one of Russia's leading investors, and held first place for foreign investment in the Russian economy as of late June 2008, according to data from the Russian economics ministry.
Overall Cypriot investment in the Russian economy totaled $49.6 billion up to the end of 2007, including $35.4 billion of direct investment, the Russian federal statistics service said.
Cyprus invested around $10 billion in Russia, including $2.5 billion of direct investment, in the first half of 2008, the Russian economics ministry said.
The two countries posted bilateral trade of $4.9 billion last year, and the index reached $883.6 million in the first eight months of 2008, including $847.4 million of Russian exports and $36.2 million of Russian imports.
