Ukrainian and Japanese business and government officials signed 56 agreements and memoranda within the framework of the reconstruction conference held in Tokyo, Prime Minister Denys Shmyhal said on Feb. 19.
The Japan-Ukraine Conference for Promotion of Economic Growth and Reconstruction, attended by a Ukrainian delegation led by Shmyhal, began earlier on Feb. 19 to foster dialogue between government officials and business sectors from both countries.
The newly finalized documents include an intergovernmental convention to avoid double taxation, an important step for Japanese business projects in Ukraine. The two governments also signed a memorandum on cooperation in education and technology.
The Japan Bank for International Cooperation (JBIC), the Export Credit Agency NEXI, the Japan External Trade Organization (JETRO), and the Japan International Cooperation Agency (JICA) signed more than 10 agreements to support Ukraine's reconstruction efforts.
The Ukrainian Agriculture Ministry concluded several deals with Japanese companies on the supply of agricultural machinery to Ukraine. Naftogaz, Ukraine's state-owned energy giant, finalized an agreement on cooperation in wind energy. A deal on the modernization of Ukraine's gas compressor stations was also concluded during the conference.
The parties signed several other grant agreements and documents on cooperation in the fields of energy, telecommunications, infrastructure construction, and ecology.
"Japan has already shown leadership in financial support to Ukraine. Now, Japan should become one of the leaders of Ukrainian recovery and investment in our economy," Shmyhal said.
As the full-scale Russian invasion nears its two-year mark, Ukraine's expected reconstruction costs amount to $486 billion over the next decade, according to an assessment by the World Bank, the Ukrainian government, and the EU.
Japan has contributed around $8 billion to Ukraine in humanitarian and financial assistance since the start of the all-out war, according to the Kiel Institute for the World Economy.
Dominic Culverwell
