Ukraine, Japan sign 56 documents on reconstruction, business cooperation

Except for the agreements in cooperation in education, technology, and ecology, one of the signed documents includes a convention to avoid double taxation, which Ukraine's Prime Minister Denys Shmyhal described as "extremely important for Japanese businesses planning new projects in Ukraine."

Feb 19, 2024 - 07:21

Ukraine, Japan sign 56 documents on reconstruction, business cooperation

Ukraine and Japan signed 56 documents on economic development and reconstruction cooperation during the Tokyo Conference on Development and Reconstruction, Ukraine’s Prime Minister Denys Shmyhal said on 19 February.

The Japan-Ukraine Conference for Promotion of Economic Growth and Reconstruction takes place in Tokyo, Japan, on February 19-20, with more than 100 Japanese and Ukrainian companies and Ukraine’s delegation, led by PM Denys Shmyhal.

The signed documents include intergovernmental agreements, memorandums, and agreements between businesses and local authorities.

The Prime Minister signed an intergovernmental convention to avoid double taxation, which he described as “extremely important for Japanese businesses planning new projects in Ukraine.”

The Japan International Cooperation Agency (JICA), the Japan External Trade Organization (JETRO), the Export Credit Agency NEXI, and the Japan Bank for International Cooperation (JBIC) also signed over ten agreements supporting Ukraine’s reconstruction efforts.

The parties signed grant agreements for the implementation of recovery programs and several documents between Ukraine’s Ministry of Agrarian Policy and Japanese companies, which supply various agricultural machinery and equipment to Ukraine.

Ukraine and Japan also signed a memorandum regarding cooperation in education and technology.

“Japan is one of the leaders in these areas. It is important to build a real partnership,” Shmyhal said.

According to Zhmyhal, Naftogaz and Japan have agreed on a joint project in the field of wind energy. At the same time, Ukraine’s gas transmission system operator signed a memorandum on preparations for the modernization of compressor stations.

Both sides also signed telecommunications, infrastructure construction, and ecology agreements during the conference.

According to PM Denys Shmyhal, Kyiv will need over $486 billion for Ukraine’s full recovery.

Before the conference, the Japanese government recently announced it would provide 15.8 billion yen ($106 million) to assist Ukraine’s reconstruction across seven key areas.

The aid package is said to be formally unveiled at the Japan-Ukraine Conference for Promotion of Economic Reconstruction in Tokyo on 19 February.

During the visit of Japanese Foreign Minister Yoko Kamikawa to Kyiv on 7 January, Japan contributed approximately $37 million to NATO’s trust fund for unmanned aerial vehicle (UAV) detecting systems in Ukraine.

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