Our People > Javier M. Piedra

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Javier M Piedra is a financial consultant with over 40 years of work experience in private and public sectors, international development, finance, marketing and advisory across multiple disciplines (corporate and retail banking, SMEs, hedge fund management, credit reporting, restructuring and sovereign and corporate risk management). He is former acting Assistant Administrator for Asia at USAID in President Trump's first administration.

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TCA Interviews

Kazakhstan’s Education Chief Turns to Sci-Fi to Explain His AI Vision

As Kazakhstan’s 2026 academic year began, The Times of Central Asia spoke with Sayasat Nurbek, Minister of Science and Higher Education, in Astana. Drawing on science fiction films and novels, Nurbek discussed how universities can embrace AI while protecting students’ independent thinking. He also reflected on human agency and the limits of technology. TCA: A new academic year brings new challenges for you and your team in this age of AI. On your website, you write: “It does not matter how long you spend on the earth, how much money you have gathered or how much attention you have received. It is the amount of positive vibration you have radiated in life that matters….” With this in mind, what are your priorities as Kazakhstan’s Minister of Science and Higher Education as AI reshapes the field? Nurbek: My priority is students who are fully alive, not just fully efficient. AI can handle the routine, so Kazakhstan’s universities must protect what machines can’t: curiosity, imagination, judgment, critical thinking, and character. Technology should serve growth in these areas, never replace them. Success isn’t output; it’s lives that radiate something positive. AI is a tool, and tools cut both ways. We’re welcoming AI into higher education with open eyes and high standards. I want students who think for themselves, use AI wisely, and own their personal sovereignty, if you will. I do not want self-absorbed people who forget about others, society, and the nation. AI is powerful and easy to abuse, so Kazakhstan nurtures critical thinking, curiosity, and creativity in the AI age. I will use Sci-fi movies and novels to help me explain why. TCA: Certainly. What do you mean by students need to “own their sovereignty”? Nurbek: Education in Kazakhstan is about building minds and virtue, not just collecting answers and performing tasks. If AI does the writing, problem-solving, and summarizing, our students may get an answer without learning how to find solutions. Real understanding comes from the effort to learn. It comes from struggle, doubt, revision, failure, sharing, steadfastness, patience, starting again, and, yes, celebrating success. That’s why it’s key for Kazakhstan’s universities to set clear boundaries and teach students when and how to use AI. AI can undermine learning if it replaces their own thinking. AI should support thought, not substitute for it. TCA: What are your thoughts about the impact of AI on learning? Nurbek: Used ethically, AI is a huge opportunity for Kazakhstan. The world is racing to adopt it, so our universities can’t ignore it, but they mustn’t swallow the hype or miss the dangers. A PISA 2025 study found that students who use AI to summarize or draft score noticeably lower in science, by roughly a year of schooling. That is a correlation, though, not proof of causation. Other studies find AI users shine in practice, then stumble horribly on exams. TCA: So, it seems you have mixed feelings about the introduction of AI? Nurbek: The PISA data tells us more. Students who regularly use AI...

2 days ago

TCA Interviews

Kyrgyzstan’s NISI Director on Reform, Red Tape and a Bigger Global Role

On September 15, 2026, The Times of Central Asia spoke with Shumkarbek Adilbek uulu, director of the National Institute for Strategic Initiatives (NISI) under the President of the Kyrgyz Republic. Established in its current form in 2024 through the merger of two institutes, NISI provides strategic advice to the country's leadership and develops proposals to reduce bureaucracy. Adilbek uulu discusses Kyrgyzstan's priorities for its 2027–2028 UN Security Council term and its approach to climate diplomacy. He also outlines NISI's work on economic reform and digital public services, including efforts to help smaller businesses grow. Some views expressed in this interview reflect Adilbek uulu's personal opinions rather than the official position of NISI or the Kyrgyz government, as he notes in his answers. The English text has been lightly edited for readability. TCA: What have been your main priorities since becoming director, and how did you come to join NISI? Adilbek uulu: We're focused on practical ways to drive sustainable economic growth at home: a smaller, simpler government, more room for business, and productive relations abroad that feed into our domestic agenda. By protecting our national interests, our diplomats support the domestic goal of building up the Kyrgyz Republic, nation-building if you will, without getting caught up in other countries' ambitions. I joined NISI in 2025 to help break through decades of bureaucratic gridlock, a real drag on economic development. Minister Ayaz Baetov brought me in. At the time, he was the Minister of Justice, Deputy Chairman of the Cabinet of Ministers, and NISI's director, all at once. He told me NISI's job was to give the Presidential Administration strategic advice that's pragmatic and rooted in Kyrgyz insight. I agreed and have been working at it since. That's our core job. Interestingly, Minister Baetov was just named Kyrgyzstan's Permanent Representative to the UN in New York. The significance of the contribution Mr. Baetov has made to the effort to reduce bureaucracy remains to be fully assessed. I am confident it will be rated highly, as we will feel the positive impact of many of his ideas and decisions in the future. TCA: Kyrgyzstan was recently elected a non-permanent member of the UN Security Council for 2027–2028. Will NISI be more focused on foreign policy now? Adilbek uulu: With Kyrgyzstan on the Security Council, the government will be pulled into issues outside our usual remit, so NISI will be in even closer contact with the Ministry of Foreign Affairs. To be clear, I don't speak for the Foreign Ministry. I help shape strategy for our diplomats, businesspeople, and policymakers, and I track what's happening overseas and in our neighborhood. UNSC issues will be high on our agenda, and we'll support the MFA on long-term thinking. As one example, I just got back from the China Economic and Social Forum in Hangzhou, China. The forum focused on the environment and natural resources. I'll be putting together a memo for the Office of the President with our observations. TCA: How does climate vulnerability...

1 month ago

FIDE Chess Olympiad

Samarkand Chess Olympiad Hosts FIDE Election as Timur Turlov Outlines His Plans

The 46th FIDE Chess Olympiad in Samarkand, Uzbekistan, brings national teams together from September 15 to 27. Alongside the competition, delegates will elect the next leadership of FIDE, the International Chess Federation. Three presidential tickets have been approved for the September 26 election. Entrepreneur Jan Henric Buettner, co-founder of Freestyle Chess with Magnus Carlsen, is running with Malcolm Pein for deputy president. WR Chess founder and WR Group chairman Wadim Rosenstein is standing with Gordon Tang. Freedom Holding Corp. founder and CEO Timur Turlov, who also heads the Kazakhstan Chess Federation, is running with Viswanathan Anand. The Times of Central Asia spoke with Turlov about his experience of chess within his family and his proposals for managing the international federation. TCA: Before we talk about professional chess and FIDE, let’s start at the beginning. What is your personal history with chess? Turlov: I learned to play chess as a kid; my grandfather taught me. He saw it as a parenting tool, and it just became part of the family. Over time I drifted away from the game, but I eventually came back. What brought me back wasn't nostalgia or any urge to win; it was my kids, and the sense that real relationships are built on substance, on actually connecting with and sharing with people. Having six children has been one of the great blessings of my life, and when they started playing and asked me to join them, I had good reason to pick the game back up, this time as a parent, and not as a student. It's a small thing, but it reminded me how much family life keeps you grounded, thinking about someone other than yourself. Chess is one way for people to develop relationships and grow in virtue. TCA: You describe chess as a parenting tool as much as a sport. How does that work in practice? Turlov: With six children, finding one consistent way to connect with all of them isn't easy. They're each unique, of different ages, and with different personalities. Chess turned out to be that common ground for us that could be cultivated year after year. Sitting across the board from your child is different from a conversation at dinner. It's slower, calmer, and it opens the door to talking about things that usually don't come up otherwise. Honestly, some of my favorite moments as a parent have happened over a chessboard, not in spite of the game but because of it. TCA: Can you give an example of what a chess game actually teaches a child that a normal conversation can't? Turlov: Beyond strategic thinking- call it looking ahead- there's something in chess that matters even more: learning how to win, and especially how to lose. Chess is one of the few structured experiences where a child loses clearly, sees exactly why, and has to sit with that calmly, without a tantrum, without blaming anyone else. As a parent, that's also a moment for reflection. You can talk through the...

1 month ago

TCA Interviews

Kyrgyzstan’s High-Wire Act: Sanctions, Compliance, and National Interest

On September 2, the day after the Shanghai Cooperation Organization’s Heads of State Summit in Bishkek, The Times of Central Asia spoke with Bakyt Sydykov, Kyrgyzstan’s Minister of Economy and Commerce and Special Presidential Representative for Sanctions Policy. He outlined the government’s approach to sanctions compliance and protecting Kyrgyz businesses. Sanctions exposure can affect Kyrgyz banks and businesses, as well as their international partners. U.S. secondary sanctions and EU and UK measures affecting foreign entities operate through different legal mechanisms. Some portions of the text have been edited for clarity. TCA: The sanctions against Russia adopted by the U.S., EU, and UK are not UN Security Council-mandated. Is it correct that Kyrgyzstan’s compliance policy addresses these measures rather than UN-mandated sanctions? Sydykov: That's correct. Secondary sanctions can affect non-U.S., non-EU, and non-UK entities or persons who knowingly facilitate transactions involving sanctioned parties. Our focus is on establishing better and better mechanisms and frameworks that address this bilateral dimension, that is, Kyrgyzstan's direct exposure through its relations with the sanctioning jurisdictions, in order to mitigate our exposure to potential secondary sanctions. TCA: Kyrgyz citizens and businesses can face sanctions exposure through dealings with sanctioned parties, including the risk of U.S. secondary sanctions. What are Kyrgyzstan’s main challenges in improving its compliance regime, and how are you addressing them? Sydykov: For technical reasons, our compliance regime is moving toward putting in place mechanisms that can flag or be anticipatory. I think you would agree that free markets are complicated and circumvention often comes to light only after it has occurred. We are largely equipped to manage these occurrences. We are moving to put in place firewall-like frameworks which would allow the country to identify and respond to occurrences before the fact. It is a great challenge — and one that every country operating in a free-market economy faces — to develop such a capacity, namely, to anticipate and prevent circumvention before it happens. Despite our best efforts, this remains a structural limitation. TCA: What concrete actions have you taken, or are you planning to take? Sydykov: We have established working groups, task forces, and interagency committees capable of swiftly halting the operations of any company engaged in sanctions circumvention. We are also working closely with commercial banks on these efforts. The banks, for their part, have introduced internal compliance committees and, in some cases, adjusted the composition of their boards of directors to strengthen governance and decision-making around potential circumvention risks. The banks are also developing a joint interbank blacklist of sanctioned entities, so that these entities are unable to operate through the banking system going forward. Those are steps to develop a working forward-looking, predictive approach — one that flags suspicious activity before it materializes – central to the comprehensive framework we are building. TCA: Some foreign investors may be reluctant to invest in Kyrgyzstan because of sanctions exposure. How could the measures you are taking address those concerns? Sydykov: Let me first say that we understand the rationale behind...

1 month ago

Astana Finance Days 2026

Astana Finance Days: Rewiring Finance at Institutional Scale – The Case for Deeper Financial Markets

Kazakhstan needs deeper financial markets and a system less dependent on banks, senior financial officials told Astana Finance Days on September 9, 2026. Speakers at the Astana International Financial Centre (AIFC) explored how digital finance could support that shift during the plenary session, "Innovation at Institutional Scale: Rewiring the Architecture of Finance." The turnout was standing-room only. Over the next fifty minutes, the panelists discussed Kazakhstan’s ambitions as a financial hub and the conditions needed to advance them. Moderator Sallianne Taylor, Bloomberg's EMEA Head of Government Relations, opened by asking what is fundamentally changing in the architecture of global finance, and what it means for Kazakhstan. There were five panelists: Timur Suleimenov, Governor of the National Bank of Kazakhstan; Renat Bekturov, Governor of the AIFC; Timur Turlov, Chief Executive of Freedom Holding Corp.; Sergio Mello, Global Head of Stablecoin Solutions at Anchorage Digital; and Balaji Srinivasan, founder of Network School and bestselling author of The Network State. The Governor's Priority: Stability Before Speed Governor Suleimenov began by naming "geopolitical tension" as the backdrop to today's discussions. "This is the elephant in the room, which we cannot ignore," he said, without further comment. He then described trade and finance flows as changing fundamentally, pointing to "division across the Atlantic. We're seeing trade wars, semi-trade wars across the world." He explained that "finance has always been a partner with trade, investment and finance." That atmosphere of uncertainty "reshapes financial flows," he said. Turning to technology, he noted that "with the invention of blockchain, cryptocurrencies, stablecoins, and everything in between, the traditional financial system has started to undergo very fundamental change. I think we're still in the rule-setting phase." As a result, he said, "There is no set of global rules for decentralized finance, for digital finance, crypto finance. Many countries are looking to strike the right balance between the traditional financial institutions such as banks or commodities or securities markets, and the new ways of doing finance that the market is offering." For Kazakhstan specifically, he argued the moment favors the country rather than threatens it. "I think for Kazakhstan, it's more of an opportunity," he said, pointing to its standing as the region's largest economy by GDP and GDP per capita, and its position as "the biggest financial system, the best financial system, the most capitalized" in Central Asia. That confidence carried into the moderator's next question: "As a central banker, how do you balance innovation with preserving that financial stability and trust?" Suleimenov called it "a never-ending story," then offered the line that framed the whole session: "When you see something new, and you don't have the rules for it, of course you have to evaluate it based on its merits and based on principles rather than rules, and then you come up with rules." He was candid about the risk that comes with new financial technology, but just as quick to put it in proportion. "What we've been seeing in Kazakhstan, I mean, it's 90% positive," he said, acknowledging...

1 month ago

Kyrgyzstan-Pakistan Trade

Kyrgyzstan-Pakistan Trade: 12-Fold Growth or Pipe Dream?

One of the most notable of Kyrgyzstan’s agreements at the SCO Summit in Bishkek last week may be its deal with Pakistan to boost annual bilateral trade to US$200 million within the next two years. From a base of roughly US$16 million in 2025, that would represent roughly a twelvefold increase. It's an ambitious target, made more so by associated geoeconomic undercurrents. As long as Bishkek avoids taking sides in any Indo-Pakistan unresolved border or other geopolitical disputes and sticks to trade and commercial issues, Kyrgyzstan should have little to worry about. President Sadyr Japarov emphasized the economic benefits, casting the Joint Statement with Pakistan as a means of bringing greater resources and opportunities to the Kyrgyz people. “The economy should become the foundation of the Kyrgyz-Pakistani partnership,” he told reporters after the talks. Prime Minister Sharif similarly argued that current trade was “not a patch on our friendship, our brotherhood and our very strong relations.” In other words, Sharif thinks that the level of trade between Pakistan and Kyrgyzstan is far too low compared with the strength of their political and diplomatic relationship. The Joint Statement of Japarov and Sharif reads that the two governments “agreed to expand industrial and investment cooperation in the fields of mining and processing industries, agriculture, food, textile and light industries, pharmaceuticals, the halal industry and digital technologies, with particular emphasis on establishing joint ventures, localizing production, exchanging technologies and implementing mutually beneficial investment projects.” The leaders also agreed to promote the Tamchy Special Financial Investment Territory as a platform for international investment, fintech, innovation, and global business. Kyrgyzstan has pushed this priority hard in recent years, with Tamchy SFIT Chairman and Deputy Chairman of the Cabinet of Ministers Ayaz Baetov and Tamchy SFIT Deputy Chairman and Minister of Economy and Commerce Bakyt Sydykov spearheading the effort. The Trade Picture If historical patterns are indicative of future behavior, growth in trade over the next two years points toward pharmaceuticals (already Kyrgyzstan's largest import category from Pakistan, at over $6 million of roughly $14 million U.S. dollars in 2025), textiles and ready-made garments (Pakistan's largest global export sector), dried fruit, rice and other agricultural goods, and a newer category: virtual assets and engagement in the digital and IT space. [caption id="attachment_55574" align="aligncenter" width="1500"] Trade figures: UN Comtrade via TradingEconomics.com, 2025 data.[/caption] Kyrgyzstan’s side of the ledger is thin by comparison. Its exports to Pakistan totaled $1.6 million in 2025, led by mineral fuels at about $719,000. Raw hides and leather accounted for about $341,000. It is worth being precise about what this agreement actually does. It does not describe $200 million of commerce that will simply appear. The Joint Statement seeks to spur that trade by fixing transit problems, which touch, then, on geoeconomics and unresolved territorial issues. Kyrgyz officials have emphasized improving logistics and pointed to Pakistan's Arabian Sea ports as a route to global markets. The tested route runs through western China and across the Khunjerab Pass, following the Karakoram Highway to Sost...

1 month ago

Central Asia-U.S. Relations

In Bishkek, Gor and Daines Put Business First

U.S. Special Envoy for South and Central Asia Sergio Gor and U.S. Senator Steve Daines used their visit to Bishkek this week to put business squarely at the center of Washington's engagement with Kyrgyzstan and Central Asia, with discussions focused on investment, trade, infrastructure and practical steps for turning ideas into deals. Gor and Daines arrived for the opening of the World Nomad Games to cheer on the U.S. team, a visit that coincided with the SCO Summit on its 25th anniversary. The Games were only part of the visit. Much of the agenda focused on economic engagement. They were accompanied by Bethany Morrison, Deputy Assistant Secretary of State for South and Central Asia at the U.S. Department of State. “Called on President Zhaparov today in Bishkek, Kyrgyz Republic,” Gor tweeted. “Many great opportunities for our two nations to work together. We look forward to welcoming President Zhaparov to the United States next month to further advance our growing partnership.” U.S. officials met President Sadyr Japarov on Aug. 31 and held separate talks in Bishkek with Economy and Commerce Minister Sydykov and other officials. Edil Baisalov, Kyrgyz Ambassador to the U.S., accompanied the delegation to their meetings with Kyrgyz officials. Their Bishkek schedule also included meetings with Kazakh President Kassym-Jomart Tokayev, Uzbek President Shavkat Mirziyoyev and Tajik President Emomali Rahmon. Discussions with Kyrgyz officials covered steps needed to advance different types of projects, opportunities for business-to-business cooperation and ways to connect U.S. companies with projects and partners in Kyrgyzstan and the wider region. Mining was among the sectors in focus, as expected, alongside infrastructure, energy, technology and trade. The discussions focused on identifying viable projects, connecting companies and resolving financing and implementation issues. [caption id="attachment_55339" align="aligncenter" width="690"] Daines and Gor. Image: https://x.com/USAmbIndia/status/2094364843390476459[/caption] More than Business The agenda was overwhelmingly commercial, though not exclusively, as Gor himself tweeted: “A very productive meeting with President Mirziyoyev of Uzbekistan. We discussed ongoing cooperation in energy, commerce, and building more robust security ties between our nations. Looking forward to big announcements soon between the U.S. and Uzbekistan.” Or consider this tweet: “Pleased to meet with Tajikistan’s President Emomali Rahmon. Together, the U.S. and Tajikistan are growing our commercial engagement, expanding our health cooperation, and strengthening security and counterterrorism cooperation.” Gor mentioned “security cooperation” with Kazakhstan as well. The latest visit builds on an economic agenda already being developed through the B5+1 business forum, which Gor attended in Bishkek earlier this year. The forum brought together businesses and government officials from the United States and the five Central Asian states, with an emphasis on investment, market access and reducing obstacles to private-sector activity. The discussions in Bishkek also touched on the next C5+1 summit, the U.S.-Central Asian leaders' format involving Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan. Kyrgyzstan offered to host the next summit in Bishkek. [caption id="attachment_55340" align="aligncenter" width="622"] L/R – Bethany Morrison, Daines, Gor, US Amb Lesslie Viguerie. Image: https://x.com/USAmbIndia/status/2094303173481844848[/caption] For Daines, the visit extended work he has been pursuing on Capitol Hill as chairman...

2 months ago

opinion

Kyrgyzstan and Uzbekistan Show What Diplomacy Can Deliver as Vast Rail Project with China Advances

Kyrgyz President Sadyr Japarov and Uzbek President Shavkat Mirziyoyev met on July 30 on the shores of Kyrgyzstan’s Lake Issyk-Kul, in Cholpon Ata, to sign the Treaty on Allied Relations. It was much more than business as usual. In their press conference, the leaders largely set aside the diplomatic boilerplate and expressions of mutual approbation that usually attend such summits. Instead, the meeting focused on putting a decisive end to mutual Kyrgyz-Uzbek grievances and rivalry, opting for dialogue over confrontation, stability over tension, and partnership over the quest for primacy in their bilateral relationship. Without ceding any of their sovereignty, they stressed that teamwork and shared responsibility—not the pursuit of great-power patronage or one-upmanship—are the surest way to advance common interests. Japarov, like Mirziyoyev, made clear that strategic-level collaboration always trumps short-term transactional gains. One of the biggest takeaways from the Japarov–Mirziyoyev summit was the confident demeanor and optimism with which they spoke about the future of Kyrgyz-Uzbek relations. Veering from his scripted notes and speaking in Russian to the press, Mirziyoyev said: “What an atmosphere we have today [here in Kyrgyzstan]. Look at what we're doing today— we're making history. This alliance — all of this will remain in history forever and ever.” Friendship, mutual respect, and hard work will produce “dynamic development” and “steady economic growth,” leading to “the well-being of peoples.” Business Development and Ahead of Schedule Once dismissed as an engineer's pipedream or a financier's nightmare, Japarov and Mirziyoyev said they’re staying the course on building strategic connectivity, energy, and water infrastructure, singling out the China–Kyrgyzstan–Uzbekistan railway and the Kambarata-1 Hydropower Plant (HPP), projects that some considered unrealistic. The leaders made it plain that this railway will deliver huge benefits. As Mirziyoyev put it: "We will work together non-stop to develop trade and logistics infrastructure along this railway route." Beyond offering transit times faster than the northern routes, the China–Kyrgyzstan–Uzbekistan railway will boost tourism and bring Kyrgyzstan and Uzbekistan hundreds of millions of dollars in transit revenue. Most importantly, it will unlock untapped economic resources, fueling new jobs, businesses, and logistics hubs along the corridor. After the Japarov-Mirziyoyev meetings, The Times of Central Asia spoke with Akramjon Nematov, First Deputy Director of Uzbekistan's Institute for Strategic and Regional Studies. Having been on site, he noted that the numbers and progress on the ground speak louder than any words or communiqués: "Construction is active at 83 of 107 planned sites on the Kyrgyz line, with over 10,000 workers and 7,000 units of heavy machinery deployed. Crews are drilling 26 tunnels through the Tian Shan, with over 13.5 kilometers of the main tunnel already cut, while 38 of 50 bridges are underway. The pace is staggering. I've watched this railway move Kyrgyz-Uzbek relations from friction to cooperation – and I measure progress not in words, but in cubic meters of earth moved." China has committed to supplying most of the capital and engineering capacity. The project carries a total capitalization of roughly $4.7 billion, structured as a $2.3...

2 months ago

Critical Minerals

Opinion: Could Vanadium Be Kazakhstan’s Next Breakout Critical Metals Story?

Vanadium is viewed as a critical mineral by the United States, the European Union, Russia, China and many other countries because of its importance to energy storage and industrial alloys. At the Astana Metals & Metallurgy (AMM) Congress, Ferro-Alloy Resources CEO Nicholas Bridgen discussed the company’s assets, strategy, and valuation with The Times of Central Asia, noting that the company appears undervalued amid supply chain disruptions and the rising strategic importance of vanadium. The discussion highlighted vanadium’s emerging demand-supply imbalance and efforts to better align market perception with fundamentals. Of the critical metals that will define the next half-century, vanadium has perhaps the strongest claim to indispensability: it hardens the steel in our infrastructure and defense systems, and it stores the energy that our grids will increasingly depend on. Yet the market has consistently failed to price that future in, and nowhere is that mispricing more visible than in the vanadium deposits of Kazakhstan. In 1941, with the Second World War raging, Soviet geologists fanned out across Central Asia looking for strategic minerals. Around 180 kilometers east of Almaty, in the foothills of the Tian Shan mountain range along the borders with China and Kyrgyzstan, they found tungsten at the Boguty deposit. At roughly the same time, they were delineating what would become the Northern Katpar and Upper Kairakty tungsten deposits. The geology was well understood, and the resource was real, but nothing happened for the better part of 75 years. The deposits sat idle not because tungsten was unimportant, but because there was no pressing reason for, first, the Soviet Union or later the West to develop them. That changed when the scale of China's dominance in critical metals became impossible to ignore. By the early 2020s, China was producing over 75% of the world’s tungsten output, alongside similarly dominant shares of rare earth elements and a range of other strategic minerals. This concentration of supply was not accidental. It was the product of decades of deliberate industrial policy, patient capital, and a willingness to operate at low margins long enough to drive out competitors. The Tungsten Lesson Chinese mining company Jiaxin International Resources Investment Ltd. moved in 2014 to acquire Boguty for an undisclosed sum, almost certainly a modest one. The deal further consolidated China’s grip on global tungsten supply. Jiaxin then spent approximately $300 million developing the deposit and listed on the Hong Kong Stock Exchange at a valuation in excess of $600 million. The investment thesis seemed straightforward enough at the time. In 2025, it looked positively prescient: China imposed export controls on tungsten, and key prices outside China more than doubled. According to the Financial Times, Jiaxin’s market capitalization stands at close to HKD 22.3 billion, equal to $2.84 billion, approximately 9.5 times the stated development expenditure. [caption id="attachment_52262" align="aligncenter" width="1432"] Image: Kaz Resources[/caption] Meanwhile, Skyline Builders Group Holding Ltd. and Cove Kaz Capital Group LLC (“Cove Kaz”) have moved to acquire the two other formerly dormant tungsten deposits in Kazakhstan, Northern Katpar and Upper Kairakty. On this...

3 months ago

Afghanistan

Central Asia Builds a Regional Track for Engagement with Afghanistan

The United States and Europe may have stepped back from Afghanistan, but the country’s instability still affects migration, security, trade, and humanitarian pressures far beyond its borders. Given their proximity, Central Asian states cannot and have not disengaged, and their efforts to keep Kabul connected to regional diplomacy and commerce serve interests that are also shared by the West. On June 16, the Center for Strategic Studies of Afghanistan's Ministry of Foreign Affairs convened the first Afghanistan-Central Asia Think Tank Forum in Kabul, bringing together leaders and senior representatives from strategic research institutions across the region. Held under the theme "The Strategic Role of Think Tanks in Advancing Regional Cooperation," the forum included delegations from Turkmenistan, Uzbekistan, Kazakhstan, Tajikistan, Kyrgyzstan, and Azerbaijan alongside their Afghan counterparts. [caption id="attachment_52266" align="aligncenter" width="1080"] Image: Ministry of Foreign Affairs of Afghanistan[/caption] In his keynote address, Afghanistan’s Foreign Minister Mawlawi Amir Khan Muttaqi observed that the international order stands at a delicate crossroads, divided by competing narratives and opposing camps: “Given the developments and challenges in the global structure, the current international order finds itself at a sensitive juncture in history — a period marked, on the one hand, by various illusions and contradictory narratives, and, on the other, by efforts toward cooperation and multilateralism.” In essence, Muttaqi was advocating for an international order that allows Afghanistan and its neighbors to chart their own courses while engaging constructively with willing partners. Speaking to those in his immediate region, he drew attention to shared challenges, among them climate change, water shortages, economic headwinds, and conflict spillover, and asserted that “There is no doubt that, in order to make more effective and constructive decisions and to develop indigenous narratives for our region and shared future, specialists and researchers from academic and intellectual institutions must draft practical and comprehensive roadmaps for future cooperation across various fields.” Muttaqi underscored to participants the growing recognition that regional states stand to gain more through practical cooperation than through isolation or unilateral approaches. He reaffirmed Afghanistan's commitment to advancing the research-based proposals discussed at the April Consultative Dialogue in Kabul to help inform regional political and economic decision-making. His remarks reflected a view that broad-based economic development and good-neighborly relations are mutually reinforcing foundations of societal stability within a shared civilizational context—a perspective widely shared across the Central Asian republics. That is why, for example, he highlighted the need to follow through on economic and connectivity opportunities, citing projects such as CASA-1000, Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline, Turkmenistan-Afghanistan-Pakistan electricity transmission project (TAP-500), the Lapis Lazuli Route, and the Afghan-Trans railway. These initiatives are in various stages of development, some having been stalled for decades. Javlon Vakhabov, former Uzbek ambassador to the United States and currently Director of the International Institute for Central Asia (IICA) in Tashkent, travelled to Kabul for the Forum. In his address, he summed up the mood of the participants: “In this emerging Greater Central Asia, Afghanistan is not a periphery. It is the southern gateway of our region, linking Central...

3 months ago

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