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Japan-Ukraine economic recovery donference held in Tokyo

10:58 | 24/02/2024

(Construction) - The government of Japan held on February 19th the Japan-Ukraine Conference for Promotion of Economic Growth and Reconstruction in Tokyo. Prime Minister Fumio Kishida announced a policy to support the economic reconstruction of Ukraine, which has been ravaged by Russia's invasion, with both public and private sectors collaborating.

To materialize this endeavor, the two countries exchanged 56 memoranda of cooperation at governmental and corporate levels. Among these, the Ministry of Land, Infrastructure, Transport and Tourism exchanged a memorandum of cooperation with Ukraine's Ministry for Communities, Territories and Infrastructure Development to expedite the restoration and reconstruction of infrastructure severely damaged within the country.

Japan-Ukraine economic recovery donference held in Tokyo
Japan-Ukraine economic recovery donference held in Tokyo

The conference was jointly hosted by the Japanese government, KEIDANREN (Japan Business Federation), Japan External Trade Organization, and the Ukrainian government.

During the opening leaders’ session, Prime Minister Kishida stated his determination to pursue comprehensive economic development spanning from primary to tertiary industries and to provide robust support in collaboration with the public and private sectors. Toward this goal, he advocated three principles: inclusivity, partnership, and knowledge and technology. Based on these principles, Japan will encourage private sector investment in Ukraine, thereby creating employment opportunities. Specifically, new tax treaties have been concluded, and bilateral public-private cooperation projects under Official Development Assistance (ODA) are underway. Additionally, new insurance products are being introduced by NEXI (Nippon Export and Investment Insurance) to mitigate investment and trade risks for Japanese companies.

Ukrainian Prime Minister Denys Shmyhal, who attended the conference, pointed out that infrastructure demand for reconstruction amounts to billions of dollars. He expressed hope for Japanese investors to participate in projects such as the construction of highways, railways, bridges, and the rebuilding of cities. (2024/02/20)

The Daily Engineering and Construction News of Japan

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