Japan-Uzbekistan investment cooperation: institutional structure and stages of evolution

Abstract

The study aims to provide a comprehensive assessment of Japan's investment activities in Uzbekistan in terms of institutional structure and the volume and composition of financial commitments. Particular attention is paid to qualitative changes associated with the elevation of bilateral relations to the level of "Enhanced Strategic Partnership for Future Generations" in December 2025. The study used a mixed approach based on secondary data analysis: descriptive-statistical analysis of official statistical sources and institutional reports, content analysis of documents, and comparative-historical methods to distinguish stages of cooperation. The empirical base covers 26 primary and secondary sources. The analysis shows that Japanese investment activity is implemented through a four-level institutional structure. The volume of funds attracted by JICA exceeded $8.3 billion, the JBIC portfolio exceeded $5 billion; as of December 2025, a portfolio of new projects with a total value of more than $12 billion was formed. Since the portfolios partially overlap, their simple summation is methodologically incorrect. A four-stage evolution of the cooperation model since 1992 is identified.