TASHKENT, September 22 (Itar-Tass) — A package of contracts at the sum of over five billion U.S. dollars have been signed within the state visit to the Republic of Korea by Uzbek President Islam Karimov, the presidential press service reported on Saturday.

The Uzbek president and South Korean leader Lee Myung-bak signed a joint communique where they confirmed their intention “to promote mutually advantageous cooperation in all fields that will meet the interests of the peoples of both countries”, the press service said.

“The Presidents, Islam Karimov and Lee Myung-bak, said they were satisfied with adopting several documents on legal, tourism and financial cooperation. A package of contracts at the sum of over five billion U.S. dollars was also signed. Over three billion U.S. dollars are South Korea’s direct investments,” the press service said.

According to the press service, the funding will be used to realise several projects in Uzbekistan that envision further development of the Navoi free industrial and economic zone, an international inter-modal logistics centre and a free industrial zone in Angrem.

“The documents also embrace bilateral cooperation in such areas as machine-building, energy, light industry, pharmaceutics, production and processing of mineral resources, the output of petrochemical products and construction materials,” the presidential press service said.

The presidents of the two countries gave a high assessment to the intensification of trade and economic cooperation. Over 400 joint ventures, including 64 enterprises with South Korea’s capital, were created in Uzbekistan. Several strategic projects, including the construction of the Ustyurt gas chemical complex on the Surgil deposit (its price is four billion U.S. dollars), were carried out with the active participation of South Korea, the press service stressed.