Japanese delegation was represented with officials from Ministry of economy, trade and industry, Ministry of Transportation, Ministry for Foreign Relations and Group on energy and natural minerals issues of Japanese Agency on Export and Investment Insurance. The business and financial circles from Japan were also present: Japan Oil, Gas and Metals National Corporation, Japanese Bank on International Cooperation, Japanese organization of foreign trade, Mitsui, Mitsubishi, Itochu, Sumitomo, Marubeni and Sojitsu companies and others.

Uzbekistan was represented with Deputy Prime Minister, Minister of Finance of the Republic of Uzbekistan R.S.Azimov, Minister for foreign economic relations, investments and trade of the Republic of Uzbekistan E.M. Ganiev, and also official representatives from Ministry for foreign affairs of Uzbekistan, “Uzbekneftegaz” National Holding Company, SSK «Uzbekenergo», Navoi GMK, Association of Transport and Transport Communications, NK «Uzbekturism» and others.  

In their speeches, the participants stressed the importance of Uzbek-Japanese trade and economic relations, cooperation in the spheres of innovation technologies and investments, transportation, tourism and culture. As R.Azimov pointed out in his opening address, this business forum should be regarded as a new important stage in bilateral relations’ and as a logical continuation of strategic partnership agreements, concluded on the highest level. According to him, within bilateral dialogue frames the business forum is a good opportunity to evaluate and define further prospects of investment cooperation with the aim to attract assets of globally renowned Japanese companies into Uzbekistan.    

The director of Center for Political Studies and the Chair of Tutorial Council of “Culture and Art Forum of Uzbekistan” Fund G.Karimova stressed that this function is one of the first wide-scale attempts to exchange views within the industrial economic and business structures. The Director of CPS pointed out that the peculiarity of investment activity of Japan is the effective direction of funds for accomplishment of projects inflicting directly at speeding up of economic and industrial development of Uzbekistan. Amongst them are projects in oil and gas, chemical and textile industry, telecommunications and transportation spheres. The total sum of Japanese investments has reached almost $ 2bn. G.Karimova expressed the hope that in future the Forum may transform into basic foundation for further beneficial interaction between Uzbekistan and Japan.    

The Head of Japanese delegation, Director of Europe, Middle East and Africa Department of Foreign trade bureau, Ministry of economy, trade and industry T. Masuyama also pointed out that different projects, elaborated on basis of decisions made by leaders of global business community have already been accomplished on the favorable ground created between Japan and Uzbekistan.  But this is not enough, he says. For further development of relations it is important to establish contacts between officials and medium business. T.Masuyama said that the aim of the Japanese mission was establishing such kid of contacts.   

Significant interest of participants of the Forum was involved with discussion of a question of a condition of an investment climate in Uzbekistan and presence of risks for possible Japanese financial investments. According to the data given by the deputy minister of economy G.Saidova, during last years Uzbekistan showed positive macroeconomic parameters. Particularly, in 2005 the GDP growth has been 7% (in 2003 – 3%). Here, due to GDP growth rates in accordance with 1991 Uzbekistan is on leading positions among CIS countries – 128%, while the average rate in CIS is 94.9%. In 2005 investment growth in Uzbekistan was 7% and it is presumed that in 2006 it will be more than 8%. According to G.Saidova’s forecast the GDP growth in 2007 will be near 7.7%, inflation rate – 5-7%, export growth will be 17.6% and investment attracting rate – 8.1%.  

Among one of the most perspective spheres for the Japanese investors the oil-and-gas branch and electric power industry has been noted. According to first vice-president of “Uzbekneftegaz” National Holding Company S.Mazhidov, Uzbekistan is ready to offer investors a number of perspective projects in the field of investigation, extractions and processing of oil-and-gas resources.

In particular, carrying out of prospecting works in Ustyurt region, participation in reconstruction of clearing facilities on Ferghana oil refinery and conversion of natural gas into liquid hydrocarbons.

From his part, the chairman the SSK «Uzbekenergo» B.Teshabaev has sounded the information on a number of investment projects in electric power sphere: modernization of Navoi, Tashkent, Ferghana, Angren and Mubarek thermal power stations. To date, on the basis of credit provided by the Japanese Bank for International cooperation (JBIC) at a rate of nearby 25 billion Japanese yens modernization Tashkent thermal power station is being done.

Director of Department of International financing of JBIC E.Kumagai has noted, that his bank already has an operational experience in energy sphere in the territory of Central Asia and Caspian region, namely credits have been given for development of the Azerbaijan group of "Azeri-Chirag-Guneshli" oil deposits, construction of an oil pipeline. In Uzbekistan during 1995-2006 the bank participated in financing a lot of communication and transport projects - reconstruction of three Uzbek airports, Tashguzar-Kumkurgan railway project, modernizations of power stations, etc.  JBIC supports various projects in sphere of the textile industry (the Ferghana textile project) and development of the Uzbek-Japanese bilateral trade.

The Japanese party has given special attention to cooperation in uranium sphere that has been caused by a high consumption level of uranium raw material in atomic energy sphere of Japan. Deputy Director, Department of Atomic Energy and the nuclear industry of the Agency for Natural Resources and Energy, Japan H. Kayama said that, in 2004, his country had 13% of the total world consumption of uranium. In this regard, Tokyo is interested in diversifying import sources of this type of material and Uzbekistan is seen as one of the most promising partners. Proven reserves of uranium in Uzbekistan exceed 5% of the world. H. Kayama recalled that during his visit to Uzbekistan in August this year former Prime Minister of Japan J.Koizumi recognized the importance of Japanese investment in Uzbek uranium industry and issued a bilateral statement on speeding up the information and opinions exchange in this sphere.

During the discussion of the energy plan, Japanese experts raised the problem of protecting the environment and ecology, cooperation in the framework of the Kyoto Protocol.

In his statement, the First Deputy Minister of Foreign Economic Relations, Investments and Trade of the Republic of Uzbekistan N. Najimov presented an overview of trade and economic ties between the two countries. He noted that in 2005 bilateral trade exceeded million. Quoting N. Najimov, Uzbekistan is a producer of a wide range of goods that are in demand in the world market and in Japan. These include energy sources, precious and rare earth metals, cotton, fruits and vegetables products and tourism services. At the same time, he noted, Japanese companies are lagging far behind their foreign competitorsin the development of the Uzbek market. The MFERIT representative called to draw the attention of the Japanese investors to the state privatization programme 2006-2008, which included 1,500 enterprises. According to presented information today in Uzbekistan the 30 project proposals totaling $ 1.3 billion have been presented.   

Transport-transit potential of Uzbekistan says in favour of its investment and trade-economic attractiveness. According to the chairman of the Business Association of transport and communications R. Faizullaev, the republic is a vital hub, bordering with all the countries of Central Asia. Republic of Uzbekistan collaborates on many of the transport corridors development programs – RINTO-ESCATO, Silk Road 2000 program, CAREC, the ADB and TRASECA. 80% of the nation's roads are a solid surface, the length of the operational running tracks more than 4014.2 kilometers. Uzbekistan Airways exploits modern fleet of aircraft. At the same time, a key challenge for the Republic is the updating of transport and transport infrastructure. In this sector, there is a lot of potential for Uzbek-Japanese cooperation. Japan has already provided large soft loans in the framework of the official assistance for the modernization of airports in Samarkand, Bukhara and Urgench.

The Uzbek side presented an overview of the tourism sector and sightseeing places in Uzbekistan, placing them as one of the most interesting for the Japanese business player capital. The NK "Uzbekturizm" Chairman Z. Khakimov in a statement quoted on richest cultural and historical heritage of Uzbekistan. There are at least 4,000 architectural and historical monuments, about 500 companies involved in the production of souvenir products on the basis of national craftsmanship. There have been created an extensive hotel accommodations network – 239 hotels (in 1991 there were 31) with 19,000 seats, of which 16 are hotel complexes of international class 4 and 5 stars.

According to the Secretary-General of the Japanese Association of Tourism (JATA) in the Kansan district of Japan T. Tabatha, for extensive attraction of Japanese tourists to Uzbekistan, it would be advisable to establish a more favourable visa regime, in other words, in the near term, the visa on arrival at the airport and the issue of group visas. It is also essential to increase the level of service at hotels, the gastronomic preferences of Japanese tourists and the provision of information on the ”romantic” significance of the Great Silk Road. In addition, it was felt that for tourism business of Uzbekistan, it is a good idea of a large-scale campaign in the Japanese media, forging greater cooperation with the operators of Japan.

At the same time, T. Masuyama pointed out that Japan itself is interested in attracting foreign tourists, including from Uzbekistan. Thus, in 2005 the number of Japanese going abroad for tourism amounted to 17.4 million people, the number of foreigners coming to Japan did not exceed 6.73 million people. In his words, Tokyo plans to change the present situation in this sphere. In 2003, a campaign "Visit Japan" was started in order to increase the number of foreign tourists to 10 million people by the year 2010.

The representative of ”Culture and Art Forum of Uzbekistan” E. Ahmedova described the dynamics of cultural relations of Uzbekistan and Japan. In particular, information was provided on specific projects in this area, such as the opening of Uzbek-Japanese Science and Art center "Karavan-saray of Culture ", holding of  "Great Silk Road and its Heritage" exhibition in February-December 2005 in several cities of Japan, which was visited by 60,000 people; organization of International Symposium in Tashkent on advancing the cultural-tourism exchange among the countries of Central Asia and Japan, which was attended by about 100 government and tourism companies of Japan. Within these and other mutual cultural functions, as well as other joint cultural activities, in the framework of Uzbekistan Cultural Days in Japan the Forum Foundation representative office was opened in Tokyo in this year July.
Overall, the participators noted the positive nature of the event in order to represent specific prospects and directions of trade and economic ties, the cooperation in the field of investment, innovative technologies, tourism and transport. The desire to create on the basis of the Forum a permanent site for the exchange of ideas and proposals between the official and business circles of Japan and Uzbekistan has been expressed.