Japanese officials have begun trade talks with Turkmenistan for the investment and development of the Port of Turkmenbashi, which is anticipated to cost a total of US$2 billion and will be completed in 2016, according to Port Finance International.
New shipyards, terminals and additional port infrastructure will be included within the port’s construction.
The project forms an important part of the Turkmenistan government’s strategy to create new high-capacity regional transport infrastructure.
China has been the highest investor in recent months with its Maritime Silk Road project and a string of port investments.
The scale of China’s global strategy was revealed recently after details that it is looking to secure maritime hubs, inter-oceanic canals and trading links.
The ‘One Belt, One Road’ initiative is anticipated to receive around $240bn worth of investment.
However, Japan has recently out-paced China for the development of a deep-sea port in Bangladesh in a bid to bolster its position in the port industry.
The country also lent $270 million to Kenay’s Mombasa Port earlier in 2015 after the port was urged to boost handling and efficiency.