Uzbekistan, Tashkent, Oct 19 /Trend D.Azizov/
Korea Telecom Corp. plans to invest $400 million in telecommunications projects in Uzbekistan, a source in the government circles told Trend on Friday.
According to the agency, in late September, the Uzbek Agency for Communication and Information (UzACI) and Korea Telecom have signed a memorandum of understanding on the implementation and development of modern information technologies in Uzbekistan, providing that amount of Korean direct investment.
It is assumed that the Korean company will develop WiMAX and LTE at the market of Uzbekistan.
The delegation of Korea Telecom led by its president Suk-Chae Lee arrived in Uzbekistan to discuss cooperation.
The delegation met with the First Deputy Prime Minister of Uzbekistan Rustam Azimov.
In 2007, Korea Telecom and Japan's Sumitomo Corp. acquired the assets of two Uzbek operators - 85 percent of the shares of East Telecom, an alternative fixed-line operator, and a 100 percent of Ltd Max Line, operator of WiMAX network, worth about $70 million.