Russian President Dmitri Medvedev started his three-day visit to Paris on Monday with a compact delegation of business leaders, showing that economic cooperation weighs a lot.

France's President Nicolas Sarkozy (R) speaks with Russian President Dmitri Medvedev before giving a news conference at the Elysee Palace, in Paris, March 1, 2010. [Xinhua/Reuters Photo]

On the first day of the visit, Medvedev, accompanied by his French counterpart Nicolas Sarkozy, witnessed the signing of two important agreements on energy and transport between the two countries' leading companies, further warming up the bilateral multi-faceted partnership.

Economic ties reach 'unprecedented' height

The aim of the Russian delegation consisting of powerful business leaders is to expand economic ties with their French counterparts, with a series of deals on energy, transport, automobiles and even arms waiting to be signed.

According to the Russian Government Chief of Staff Sergei Naryshkin, French investment in Russia has exceeded 7.4 million euros (about 10 million U.S. dollars), while trade increased by 25 percent since 2006, becoming Russia's sixth biggest investor and ninth biggest trading partner.

On Monday, French energy giant Gaz de France (GDF) Suez signed a memorandum with Russia's Gazprom, the world's largest gas company, on gaining 9 percent of stake in Gazprom's Nord Stream gas project which pumps Russia's natural gas through the pipeline to Western Europe. France will also receive an extra amount of 1.5 billion cubic meters of natural gas from Russia each year under the agreement.

On the same day, French engineering company Alstom acquired 25 percent stake from Russia's largest railway manufacturer Transmashholding (TMH) with 55 million euros (75 million dollars) to modernize Russia's huge and creaking rail network.

French automaker Renault also said it would inject 150 million euros (204 million dollars) to Moscow's Avtoframos car plant.

"It is impossible to imagine relations between Russia and France without economic ties," Medvedev said at the French employers' association MEDEF, calling for Russian and French firms to buy stakes from each another. He also invited French entrepreneurs to attend the St. Petersburg economic forum in June.

Warship deal

The two presidents held formal and "exclusive" talks on Monday to discuss the sale of four French Mistral-type navy helicopter carriers to Russia.

The Mistral-class vessels cost up to 600 million euros (816 million dollars) each, and would mark the first time an NATO power provides such advanced arms to a former foe.

The discussion of four amphibian Mistral warships weighs a lot for Russia to modernize its outdated navy hardware, while for France, it is more of economic significance.

The 23,700-ton Mistral warship, the second largest in the French fleet, can carry up to 16 helicopters, along with a battalion of naval infantry with their armored vehicles. This deal, if completed, would greatly advance Moscow's amphibious capability and speed up its naval operation.

Despite concerns from U.S.-led NATO allies and especially Georgia, Sarkozy tried to defuse the controversy, while Medvedev hailed the sale "a symbol of trust between our countries".