WNAM REPORT: The inaugural C5+Japan business forum, which took place on Aug. 9 in the Kazakh capital, brought together over 450 representatives of five Central Asian states and more than 100 major Japanese companies, including Toyota Tsusho Corporation, Mitsubishi Heavy Industries EMEA, Ltd., and Mitsui & Co., Ltd.
Prime Minister of Kazakhstan Olzhas Bektenov, Chairman of Marubeni Corporation Fumiya Kokubu, President of the Japan Association for Trade with Russia and newly independent states (ROTOBO) Masami Iijima and heads of large companies took part in the event.
The forum attendees discussed the prospects for strengthening economic ties and expanding cooperation in digitalization, transport and logistics, the agro-industrial complex, and the heavy industry sector.
In his welcoming speech, Bektenov outlined the critical areas for increasing multilateral cooperation. According to him, Central Asian nations and Japan have colossal potential for progressive collaboration.
“Japan is rightfully considered one of the world’s economic and technological leaders. Japanese products are known for their high quality, reliability and innovation. The country is always at the forefront of progress, contributing significantly to enhancing people’s quality of life all around the world. Central Asia, for its part, is a rapidly developing region with huge growth potential and all the conditions for comprehensive cooperation. I believe that the countries of our region and Japan have enormous potential for the gradual expansion of cooperation,” he said.
Bektenov focused on the interaction between Central Asia and Japan in advanced technology transfer and high-value product manufacture, outlining the possibility of creating joint innovation clusters, technology parks and incubators.
The Central Asian region is now developing a unique IT environment that allows for significant modernization of the public administration sector, fintech, and e-commerce modernization. According to Bektenov, cooperation between the Central Asian countries and Japan in implementing artificial intelligence technologies, building data centers, and ensuring cybersecurity can be fruitful for all parties. He also expressed interest in Japanese agricultural technologies based on AI, robotics and other advanced scientific achievements.
Kazakh PM underlined that potential cooperation between the Astana International Financial Center and the Tokyo Stock Exchange can significantly contribute to increasing partnership in the financial sector and deepening interregional ties.
Bektenov also paid attention to expanding partnerships in the development of rare earth metal deposits and implementing joint projects in the transport and logistics industry. Central Asia’s transit potential, with access to the North, South, East and West, opens up great opportunities for Japanese exports and imports.
Following the business forum, the sides signed documents implementing joint projects that aim to elevate the multifaceted partnership to a new level.
According to the National Bank of Kazakhstan, Japan is among the country’s top ten investors in gross inflow of foreign direct investment (FDI), with an investment volume of more than $7.9 billion since 1993, reported Kazinform.
According to the State Revenue Committee of the Kazakh Finance Ministry, trade turnover between Kazakhstan and Japan reached $2.1 billion last year, including $600 million in exports and $1.5 billion in imports.
