Japan and the five nations of Central Asia concluded a landmark summit in Tokyo on Saturday, December 20, setting a business target of US$19 billion.
The meeting established a massive new economic roadmap to increase influence in the resource-rich region.
The recent announcement came after Prime Minister Sanae Takaichi chaired an inaugural summit with the leaders of five Central Asia nations: Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan in Tokyo.
As reported by The Business Times, Japan “set a new target for business projects at a total amount of 3 trillion yen over five years in Central Asia.’’
Japan is drawn by the region’s massive, largely untapped natural resources in an aggressive push to diversify its sources of rare-earth elements.
By doing so, Japan aims to mitigate risks associated with China, mirroring the strategies of the United States and the European Union.
The statement said: “It is important for Central Asia, blessed with abundant resources and energy sources, to expand to international markets.“
The leaders collaborated to promote partnerships that will help strengthen supply chain security while also committing to achieving economic growth.
In this connection, a professor at Hokkaido University specializing in Central Asian politics said that the summit was pivotal to elevating Japan’s presence in the region.
Tokyo has encouraged Japanese businesses to invest in the region, although they remain cautious.
Meanwhile, Xi visited Astana in June and China-which shares borders with Kazakhstan, Kyrgyzstan and Tajikistan-has presented itself as a prime commercial partner in promoting infrastructure investment.
It has been observed that Kazakhstan is the world’s largest uranium producer while Uzbekistan has massive gold reserves and Turkmenistan is rich in gas.
In contrast, Mountainous Kyrgyzstan and Tajikistan are also developing new natural resource projects.
Nonetheless, the recent initiative will shift towards the practical implementation of the 3 trillion target through a dedicated Central Asia business forum.
