Representatives of large Japanese companies interested in participating in Ukraine’s recovery projects have arrived in Ukraine. During a meeting between First Deputy Prime Minister and Minister of Economy of Ukraine Yuliia Svyrydenko and a Japanese delegation led by State Minister for Foreign Affairs Kiyoto Tsuji, the parties discussed the prospects for the recovery of the domestic economy and the most interesting sectors for investment by private businesses.

The delegation also included Kazuchika Iwata, State Minister of Economy, Trade and Industry, representatives of the government and the business community, including Fumiya Kokubu, Chairman of the Committee on Ukraine Economic Reconstruction, Japan Business Federation, Saiki Kozo, Director General of the Brussels Office of the Japan External Trade Organization JETRO, and CEOs of JFE Engineering, KUBOTA, IHI, NIPPON KOEI and many others. The Ukrainian side was represented by Minister of Energy of Ukraine German Galushchenko and Deputy Ministers of Economy of Ukraine Volodymyr Kuzio and Ihor Fomenko.

“I would like to express my sincere gratitude to Japan for its comprehensive support to Ukraine, especially in this difficult time of a full-scale military aggression by russia. For us, Tokyo’s experience and expertise in post-war reconstruction and recovery from natural disasters is an important part of support. Japan is already taking practical steps to support our country, particularly in the areas of energy and food security. And the significant economic, scientific and technical potential of this country is an important factor for deepening bilateral Ukrainian-Japanese economic cooperation,” said Yuliia Svyrydenko.

The First Deputy Prime Minister called on Japan to increase sanctions pressure on russia, particularly in the financial, banking and defence sectors. Ukraine is counting on Japan’s further support in the use of frozen russian assets.

“Strategically important sectors for building a new country and attracting private investment are: defence, agricultural production and processing, renewable energy, gas production and storage, green metallurgy, construction, environmentally friendly transport, healthcare and pharmaceuticals. We see great prospects for involving Japanese companies in the early recovery of Ukraine,” said Yuliia Svyrydenko.

In order to guarantee the security of private investments, the Government is developing instruments of war risk insurance.

“We are grateful for the financial support provided by Japan in April this year to establish a special MIGA SURE Trust Fund, which allowed the Agency to provide the first war risk insurance guarantees. We also highly appreciate the involvement in financing projects with the participation of Japanese companies through the JBIC (Japan Bank for International Cooperation), development projects with the participation of the JICA agency and the export credit agency NEXI, which provides technical and advisory support to the Ukrainian Export Credit Agency,” Yuliia Svyrydenko continued.

The parties also addressed the issue of humanitarian demining in Ukraine. They paid particular attention to restoring Ukraine’s economic potential.

“Together with industrial associations, we analysed the destroyed and damaged equipment at Ukrainian enterprises. About 500 types of equipment and machinery originating from 21 countries were damaged and need to be completely replaced. Of these, 86 types of equipment are Japanese-made. We intend to launch the “industrial Ramstein” and ask Japan to participate in the supply of equipment to replace the damaged and destroyed equipment of Ukrainian enterprises. We are grateful for the comprehensive support of Japan as our reliable friend and partner, and look forward to deepening economic cooperation and seeing Japanese companies open factories and processing plants in Ukraine and establish joint ventures with Ukrainian companies. You can count on comprehensive support from the Ukrainian Government,” summed up Yuliia Svyrydenko.

For their part, representatives of the Japanese delegation pledged to provide Ukraine with additional equipment to overcome the consequences of the shelling of energy infrastructure – ten transformers and five gas turbines for power plants.

Japanese business representatives also expressed interest in increasing direct contacts with Ukrainian entrepreneurs to launch joint investment projects. The sectors of agriculture, energy, green metallurgy, cybersecurity, and construction are of particular interest to potential investors. Potential investment projects will be discussed during the Ukraine-Japan Business Forum, organised with the support of the Ministry of Economy of Ukraine.

During the meeting, the Japanese delegation announced the possibility of opening an office of the Japan External Trade Organisation (JETRO) in Kyiv.