During their meeting on Wednesday, on the sidelines of the High Level Segment of the 74th United Nations General Assembly, the two countries reviewed their bilateral relations and expressed satisfaction at their steady growth.
"Recalling the historical linkages between India and Armenia going back to centuries, both PMs highly valued the goodwill existing between the people of the two countries which provides a solid basis for their bilateral cooperation," said a MEA statement.
Modi stressed on the need to considerably enhance the volume of bilateral trade and investment and expressed the Indian companies' interest to explore opportunities in IT, agro-processing, pharmaceuticals, tourism and other sectors of Armenia.
He also sought Armenia's support for concluding an expeditious trading arrangement between India and the Eurasian Economic Union (EaEU) of which Armenia is a member. India and the EaEu are set to start negotiations in this regard soon.
Modi offered to strengthen India's development partnership with Armenia as per interest and needs of Armenia. A large number of Armenian candidates benefit from training programmes conducted by India under the Indian Technical and Economic Cooperation (ITEC) programme.
Pashinyan briefed Modi on the new initiatives of openness of his government and invited Indian investments in Armenia. Referring to popularity of Indian culture, films, music and Yoga, Pashinyan called for greater cultural and humanitarian cooperation between the two countries.
About 3,000 Indian students study in Armenia.
Pashinyan invited Modi to visit Armenia. The invitation was accepted with gratitude.
( With inputs from IANS )