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Shmyhal: Japan to allocate $1.3 billion to support Japanese investors in Ukraine

by Nate Ostiller and The Kyiv Independent news desk February 19, 2024 6:33 PM 2 min read
Prime Minister Denys Shmyhal speaking at the Japan-Ukraine Conference for Promotion of Economic Growth and Reconstruction on Feb. 19, 2024. (PM Denys Shmyhal/Telegram)
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Japan will earmark 1.25 billion euros ($1.34 billion) to support Japanese investors in Ukraine, Prime Minister Denys Shmyhal said on Feb. 19. The Japanese Foreign Ministry also announced 15.8 billion yen ($105 million) in aid to Ukraine in the form of grants.

The announcements came as Japan hosts the Japan-Ukraine Conference for Promotion of Economic Growth and Reconstruction in Tokyo. A Ukrainian delegation, led by Shmyhal, was in attendance.

The conference, gathering around 300 people and 80 companies, aims to foster dialogue between government officials and business sectors from both countries.

Ukrainian and Japanese business and government officials signed 56 agreements and memoranda within the framework of the reconstruction conference. Shmyhal also held high level meetings with top Japanese officials, including his Japanese Foreign Minister Yoko Kamikawa and Japanese Finance Minister Shunichi Suzuki.

PM Shmyhal: Ukraine, Japan sign 56 documents on cooperation, reconstruction
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 of cooperation in education and technology.

Shmyhal said that 1.25 billion euros ($1.34 billion) allocated to Japanese investors will be "part of the new program of (the) export credit agency NEXI."

The $105 million in grants from the Japanese government will go to Ukraine's recovery and reconstruction, specifically earmarked to assist with the clearing of mines and unexploded ordnance, supporting the electrical grid, addressing transportation issues, and promoting public-private partnership.

Shmyhal also said he discussed the confiscation of frozen Russian assets with Japanese Foreign Minister Yoko Kamikawa.

"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.

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.

Ukraine wants to make reconstruction transparent. Will it work?
Inside a bare apartment littered with concrete blocks and slabs of plywood, construction site manager Serhiy Yerokhin points to a large balcony overlooking the treetops of Irpin, a suburb outside of Kyiv occupied and heavily damaged during the first month of Russia’s full-scale invasion. Almost two…
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