"The leaders expressed satisfaction over the sustained development of the two countries’ relations in the political, economic, and cultural areas," the statement said.

President Lee Myung-bak and his Uzbek counterpart Islam Karimov signed a bilateral investment treaty (BIT) on a joint project worth US$4 billion to develop chemical plants and gas fields in the Uzbek town of Surgil, as the two leaders acknowledged the signing reflects the two countries’ strengthening partnership, the Chung Wa Dae said.

Also, Lee and Karimov noted the two nations’ cooperation in the energy and resources area has been expanding, as evidenced by the on-going project in the Namangan and Chust oil fields as well as the new deal to explore Uzbek oil fields in West Fergana and Chinabad, according to the presidential office.

Further, the two countries agreed to build on its energy cooperation by actively seeking more joint project opportunities in the green growth sector, including the Compressed Natural Gas ( CNG) field, which is deemed an eco-friendly replacement for gasoline, diesel, or propane fuel, the statement added.

Lee also agreed to help Uzbekistan develop its medical, education, and renewable energy industries, while sharing South Korea’s experience in rapidly emerging as a global economic powerhouse, it added.

South Korea has become a major trading partner of Uzbekistan, as 97 percent of the country’s energy and mineral imports come from the Central Asian country.