Kazakhstan and Japan’s mutual trade volume reached $768mn in the first five months of this year, as reported by the prime minister’s press service.

Prime Minister Olzhas Bektenov recently met with Hayashi Nobumitsu, Chairman of the Japan Bank for International Cooperation (JBIC), to discuss enhancing investment cooperation between Kazakhstan and Japan. The two leaders explored opportunities for joint investment projects and broader financial sector collaboration.

Japan remains a crucial partner for Kazakhstan in East Asia, ranking among the top 10 largest investors in the country. Last year, trade turnover between the two nations surged by 10.5%, reaching $2.1bn. Since 1993, Japanese investments in Kazakhstan have accumulated to approximately $8bn.

Prime Minister Bektenov acknowledged JBIC’s pivotal role in fostering trade and economic relations, highlighting that JBIC has financed 26 projects in Kazakhstan, totaling $2.3bn. These projects span various sectors, including energy, water supply, mining, and transport and logistics.

A significant development anticipated is the signing of an Agreement of Intent with the Development Bank of Kazakhstan. This agreement aims to facilitate joint projects valued at $200 million, covering areas such as renewable energy, transport, mechanical engineering, and the food industry.

Bektenov also expressed condolences over the recent earthquake in southern Japan, hoping for minimal casualties and damage. He reiterated Kazakhstan’s commitment to strengthening its strategic partnership with Japan and offering support for collaborative projects.

JBIC Chairman Hayashi Nobumitsu expressed keen interest in advancing joint investment ventures, particularly in green finance and ESG (Environment, Sustainability, Governance) initiatives. Both parties have shown enthusiasm for deepening cooperation in these and other promising sectors.