Japan to Be Part of Ukraine’s Post-War ‘Economic Miracle,’ Ukrainian PM Says

On Monday Ukrainian and Japanese officials signed a mass of documents intended to help shore up Ukraine's economy and forge a long-term post-war partnership between the two countries.

Ukraine’s Prime Minister Denys Shmyhal said that the agreements give Japan a role in what will be the “economic miracle” of post-war Ukraine.

Kyiv signed 56 documents with Tokyo and various Japanese organizations that will strengthen cooperation with Ukraine and boost an economy that has been heavily battered by Russia’s full-scale invasion, Ukrinform reported.

Japan, along with agreeing to relax visa rules for visiting Ukrainian businesspeople signed agreements with Kyiv on rebuilding infrastructure, demining, agriculture, and enhancing governance.

“Companies that invest in the Ukrainian economy now will be able to gain benefits and opportunities in the next few years that you would not believe. Ukraine's success is not just our success, it is your success as well,” Shmyhal told a conference of around 300 government and business leaders that had gathered in Tokyo on Monday, AFP reported.

Kyiv signed over a dozen agreements with influential Japanese organizations to aid in its reconstruction including the Japan International Cooperation Agency (JICA), Japan External Trade Organization (JETRO), Nippon Export and Investment Insurance (NEXI), and the Japan Bank for International Cooperation (JBIC), Ukrinform reported.

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Japan has provided over $10 billion in support to Ukraine since Feb. 2022, making it Kyiv’s fourth biggest financial supporter, Shmyhal said.

And Kyiv’s need is great. Last week the World Bank, EU, and UN, in a joint report estimated that the cost of Ukraine's reconstruction would be $15 billion for this year and $486 billion over the next decade.

“Thanks to this funding during this terrible war caused by Russia, millions of Ukrainian people have been able to survive,” Shmyhal

“The private sector is the main engine for reconstruction efforts in Ukraine... We would like to work together with Japan on the modernization and reconstructing of Ukraine. We want you all to be part of the economic miracle for Ukraine,” Shmyhal said.

Last year, Japan relaxed export controls on finished goods, allowing it to help fill gaps in defense equipment among Ukraine's main weapons suppliers, such as the United States. It provided Ukraine with non-lethal support such as aircraft detecting systems and mobile power generators.

On Monday, the Ministry of Agrarian Policy of Ukraine signed several documents with Japanese companies to provide agricultural machinery and equipment to Ukraine.

Ukraine’s largest oil and gas company, Naftogaz, and Japan agreed to collaborate on a joint wind energy project.

Additionally, the Ukrainian gas transmission system operator signed a memorandum to prepare for the modernization of gas compressor stations.

Other agreements were signed in the fields of energy, telecommunications, the construction of infrastructure, and environmental protection.

Japanese Prime Minister Fumio Kishida “reaffirmed Japan's commitment to supporting Ukraine and its people in defending its freedom and independence and restoring territorial integrity,” according to a joint statement.

He reiterated Tokyo’s commitment to providing “the necessary long-term assistance to ensure the stability of Ukraine's economy,” the statement said.

The conference comes after Russian forces recaptured the eastern Ukrainian stronghold of Avdiivka and as $60 billion in US military aid remains stalled in Congress.