The existing cooperation programme was expanded with five new projects to be undertaken on third markets, while several Slovenian companies signed a memorandum of understanding with a Russian partner defining cooperation on third markets.

The co-chairs, Foreign Minister Karl Erjavec and Russia's Communications and Mass Media Nikolay Nikiforov, said they were pleased with the commission's accomplishment.

"At this point we're in a situation similar than in 2007 and 2008, when Slovenia was considered an economic tiger in the EU," Erjavec said.

He noted that trade had achieved EUR 1bn in those years, whereupon it declined to around EUR 700m in 2009 and 2010. By 2014 it rebounded to EUR 1.5bn.

"The commission's goal is to reach EUR 2bn," according to Erjavec, who is convinced the target is feasible despite the "exceptionally difficult circumstances" such as EU sanctions against Russia.

The list of key projects of mutual importance now contains 33 projects, which Erjavec said were very specific and involved companies such as engineering firm Riko, coatings maker Helios, and drug maker Krka.

Nikiforov said the goal of the commission was to find new avenues for growth "for our trade and investment cooperation," the particular target being cooperation on third markets.

Both also underlined the importance of maintaining ongoing political dialogue.

Speaking about "historical friendship with Russia," Erjavec said that "we can solve all open issues between EU and Russia in dialogue."