Uzbekistan–Japan Economic Committees Meet in Tashkent: A Portfolio of 75 Projects Worth $12 Billion

The 18th meeting of the Uzbekistan–Japan and Japan–Uzbekistan economic cooperation committees was held in Tashkent. A portfolio of bilateral projects was presented at the meeting: 75 projects with a total value of $12 billion.

The meeting was chaired by Laziz Kudratov, minister of investment, industry and trade, on the Uzbek side and by Masayuki Tanimoto, chairman of the Japan–Uzbekistan committee and chief adviser to Mitsubishi Corporation, on the Japanese side.

Representatives of major corporations and development organizations took part, with more than 130 Japanese participants in all.

Priority areas

• Energy
• Chemical industry
• Machine building
• Critical minerals (rare and strategic metals)
• Health care
• Information technology

Critical minerals were singled out. The two sides discussed the shift from exporting raw materials to producing higher-value-added goods — that is, processing ore and concentrate domestically rather than shipping them abroad.

Why critical minerals

Critical minerals are a group of metals essential to batteries, semiconductors, electric vehicles and the defense industry. Because their supply chains are concentrated in a handful of countries, Japan, South Korea, the United States and the European Union have been seeking alternative sources in recent years.

Central Asia has become a focus of interest in this context. On Sept. 14, 2026, a four-way memorandum was signed in Seoul between the Asian Development Bank, the Export-Import Bank of Korea, the Uzbekistan Technological Metals Combine and Uzbekistan's Fund for Reconstruction and Development.

The backdrop of relations with Japan

Japan is one of Uzbekistan's traditional technology partners. Projects in energy, transport and health care have been carried out in the country with funding from the Japan International Cooperation Agency (JICA).

The scope of cooperation has widened in recent years: a meeting at the level of the two countries' leaders was held in Tokyo in December 2025 and concluded with an expansion of the list of economic projects.

What the portfolio represents

The $12 billion figure is not the sum of signed contracts but was presented as the total value of a portfolio of projects at the negotiation stage and at varying degrees of readiness. In such portfolios, some projects are typically at the feasibility study stage.

The official announcements did not fully disclose the financing structure, timelines or responsible companies for each project.

Context: the investment flow

Uzbekistan has announced several major investment initiatives over the course of 2026: the Tashkent International Financial Centre was established, a new list of state assets for privatization was published, and capacity was brought online in renewable energy.

The history of relations with Japan

Japan has been one of Uzbekistan's major providers of technical assistance since the earliest years of its independence. Projects in energy, transport, water supply and health care have been carried out with funding from the Japan International Cooperation Agency (JICA).

Education also holds an important place in cooperation between the two countries: programs sending students and interns from Uzbekistan to Japan have been running for many years.

A meeting at the level of the two countries' leaders was held in Tokyo in December 2025 and concluded with an expansion of the list of economic projects.

Global competition over critical minerals

Critical minerals are a group of metals essential to batteries, semiconductors, electric vehicles, wind turbines and the defense industry. They include lithium, cobalt, nickel, tungsten, molybdenum and rare earth elements.

The extraction and especially the processing of these materials is concentrated in a few countries worldwide. In recent years, Japan, South Korea, the United States and the European Union have announced policies to broaden their supply sources.

Central Asia has come into focus in this search. Uzbekistan and Kazakhstan hold a number of rare metal deposits; their processing capacity, however, remains limited.

From raw materials to finished goods

One of the main ideas discussed at the meeting was processing ore and concentrate domestically rather than shipping them abroad. This approach could raise value added and create skilled jobs.

In practice, such a shift requires large capital investment, technology transfer and skilled personnel. For that reason, projects of this kind are generally carried out together with a foreign partner.

A parallel with the Korean track

South Korea moved in a similar direction over the same period. On Sept. 14, a four-way memorandum was signed in Seoul between the Asian Development Bank, the Export-Import Bank of Korea, the Uzbekistan Technological Metals Combine and Uzbekistan's Fund for Reconstruction and Development.

From Sept. 13 to 16, Uzbekistan's president made a state visit to South Korea; 13 documents were signed in Seoul. On Sept. 16–17, the first Central Asia–Korea summit was held in the city.

On the structure of the portfolio

The $12 billion figure is not the sum of signed contracts but was presented as the total value of 75 projects at varying degrees of readiness. In such portfolios, some projects are typically at the feasibility study stage.

The official announcements did not fully disclose the financing structure, timelines or responsible companies for each project. The portfolio's value should therefore be read as an indicator of intent rather than a precise forecast of future investment flows.

The investment backdrop

Uzbekistan announced several major economic initiatives over the course of 2026: the Tashkent International Financial Centre was established, $8 billion in state assets was added to the privatization list, and 6.7 GW of new capacity was planned for the energy sector by year's end.

China ranks first in the country's foreign trade: turnover reached $9.5 billion in January–June 2026. Russia follows with $7 billion and Kazakhstan with $2.8 billion.

The format of the meeting

Economic cooperation committees are a standing platform bringing together government and business representatives. They are usually held once a year, alternating between the two countries, and serve as a venue for reporting on current projects and discussing new initiatives.

It is standard practice for representatives of major trading houses (sogo shosha) to chair the committee on the Japanese side. Such companies engage simultaneously in trade, investment and project management.

The health care and IT tracks

Health care and information technology are also on the list of priority areas. Projects to supply medical equipment and modernize hospitals in Uzbekistan have previously been carried out with Japanese financing.

In IT, the country has pursued a policy of encouraging software exports in recent years; tax incentives and infrastructure are provided through the IT Park system.

Alongside this, there is a plan to add 6.7 GW of new capacity to the country's energy system by the end of 2026; it comprises 2.8 GW of solar, 2.5 GW of thermal, 884 MW of energy storage, 470 MW of wind and 68 MW of hydropower capacity.