Guatemalan President Alvaro Colom will arrive in Russia on Sunday on a three-day visit to discuss the expansion of bilateral ties and joint investment in various business projects.

It is the first visit of a Guatemalan head of state to Russia in the history of Russian-Guatemalan relations, which dates back 65 years.

"We regard the visit of Alvaro Colom to Russia as an historic event and we are certain that it will give a new boost to our bilateral relations," the Guatemalan Foreign Ministry told RIA Novosti.

"The Guatemalan economy is one of the leading economies in Central America. Besides, the country has free-trade agreements with the United States, Mexico and Canada. Russia could benefit from the opportunity to use our country as a foothold to promote its goods in the region," the ministry said.

Guatemala has expressed interest in establishing cooperation with Russia in oil refining and mining, telecommunications, transport and tourism.

Alvaro Colom earlier said it would be a mistake for Guatemala or other Latin American countries to neglect relations and cooperation with such a prominent partner as Russia.

The leftist Guatemalan leader will meet with Russian President Dmitry Medvedev on Monday.

The presidents are expected to issue a joint statement and sign an agreement on the protection of joint investment, among other documents.

MEXICO, March 21 (RIA Novosti)