"An agreement with Gazprom is being drafted, to increase investment in Uzbekistan's oil and gas sector to 2.5 billion dollars," Mr Karimov said Wednesday at a joint press conference with Russian President Vladimir Putin.
According to Mr Karimov, Tashkent hails the Russian business community's growing interest in the Uzbek market. He said he was particularly pleased to notice that Russian entrepreneurs were now being drawn not just by his country's mineral wealth, but also by its communications and high-tech industries.
Explaining the reasons for growing capital inflows from Russia, the Uzbek leader said that Russian capital had risen on its feet, and was now looking for foreign markets to invest in.
Russian energy giants such as Gazprom and Lukoil, as well as high-tech and processing companies now willingly put their money into projects outside Russia, in the hope of receiving higher profits. "Russian companies are certain Uzbekistan will offer favorable conditions and provide guarantees, which is why they are willing to come in and develop our market," Mr Karimov pointed out. He said he appreciated Russian investors' interest in the telecommunications and
high-tech industries of Uzbekistan and criticizing those foreign investor communities who cared only about his country's natural resources, most notably hydrocarbons, while ignoring other sectors.
