Transcript of the beginning of the meeting:

Vladimir Putin: Mr Karimov, members of the delegation. We are very glad to see you in Moscow. Uzbekistan is a key country in Central Asia, and our special relationship with it has been built up over many years.

We have achieved a good trade volume and have established relations in key areas. Unfortunately, we saw a decline during the year of economic crisis. But I understand that one of the aims of your visit is to reverse this negative trend and steer our joint work in a positive direction in order not only to restore the pre-crisis level, but to exceed it.

Russia is Uzbekistan's key partner in the energy sector. We buy almost 100% of your gas. And other areas are both interesting and important.

A whole package of documents has been signed during your visit. We see this as a good omen, as giving a good impetus to the continuing development of our joint work. Once again, welcome.

Islam Karimov: Thank you for your kind words and for this welcome. I would like to take this opportunity to once again express my personal respect for you and to say that I take great satisfaction in and pleasure from meeting you. Most importantly, in you I see someone with whom I have met at all levels.

We have a good past. Invariably, when I bring this past to mind, or when unexpected situations arise, I not only want to remember it all again and again, I want to say how pleased I am. For although this has not been an easy time and we have seen difficult days, they have not only brought us closer together, but have allowed us to test each other at the very many twists and turns we have seen in our complex history we have come through this past decade.

I can see how weary you are and that you are not very well, I am referring of course, to your cold. The weather you have here in Russia is quite unlike ours. Nevertheless I know you are a hardy man and I hope that you will quickly get over your cold.

I listened to your speech today and to some remarks on, let me say, the complicated situation you experienced during your address to the State Duma. But that is just more proof that today's Russia is not what it was yesterday. Today all the leaders, not only the prime minister, have a difficult time when they are explaining certain problems, which not only concern Russia, but all other countries as well.

I repeat, I really feel for you because you have to face such a difficult situation delivering your report to deputies who, to my regret, have many questions, and you have to find answers to these questions at a time when all the countries in the world are experiencing economic cataclysms. Russia, as a vast country, the leading country in the region in fact, has experienced problems connected with the world financial and economic crisis. And I, for my part, and you know me, I am not just a president, not just a politician, I am more of an economist, as you know better than anyone. You had a hard time back in 2000 when you were only beginning your term as president. There was a time to "cast away stones" under the previous leadership which I would rather not talk about. Then you came and I have called this the time to gather them in.

I am convinced that this period in history will be remembered not only by Russian citizens, but by all those who live in the post-Soviet space. I say this quite sincerely.

Once again, the efforts you make today to overcome the trials that have befallen you fill me with a great sense of trust.

But I would like to boost your confidence that all this is not in vain, at least as I see it, that Russia is on the right path and that the most difficult, peak period of stagnation (and all that goes with it) is already in the past. Today you have spoken convincingly about the reforms and the issues that you have to resolve in terms of modernisation, so that Russia emerges from this crisis more confident, and more powerful.

I believe in the future of Russia. That is all I wanted to tell you.

I believe that Russia is a country whose role and significance no one has the right to underestimate. Russia will prove itself and is already making its role felt on the global stage.

So, I sincerely welcome you. I would like to say: "Not only do I sympathise with you, I am sure that everything you do will bear fruit."

Once again I would like to say that if at this difficult time, the Russian Government were headed by a less experienced person, a less hardened and solid person, it is difficult to say what would have happened to vast Russia. But thanks to your experience and your iron will, Russia has come through this difficult period in its history.

Today the whole world recognises that Russia is entering a new stage in its development. I sincerely congratulate you on this.

Let me tell you briefly that yesterday's meeting with President Dmitry Medvedev was very substantive.