Ukraine-Japan 56 Documents Inked for Reconstruction and Business Collaboration

20 Feb, 2024

Ukraine-Japan 56 Documents Inked for Reconstruction and Business Collaboration

Ukraine and Japan solidified their commitment to economic development and reconstruction cooperation through the signing of 56 pivotal documents during the Tokyo Conference on Development and Reconstruction, as announced by Ukraine’s Prime Minister Denys Shmyhal on 19 February. Among these agreements, notable highlights include conventions aimed at preventing double taxation, deemed crucial by Shmyhal for facilitating Japanese businesses' ventures into Ukraine.

This significant gathering, known as the Japan-Ukraine Conference for Promotion of Economic Growth and Reconstruction, convened in Tokyo, Japan, from February 19 to 20. The event drew participation from over 100 Japanese and Ukrainian companies alongside Ukraine’s delegation, led by Prime Minister Denys Shmyhal.

The range of signed documents encompassed intergovernmental agreements, memorandums, and business-local authority agreements. Specifically, an intergovernmental convention targeting double taxation avoidance was signed, emphasized by Shmyhal for its support of Japanese investment in Ukraine.

Furthering their cooperation, entities such as the Japan International Cooperation Agency (JICA), Japan External Trade Organization (JETRO), Export Credit Agency NEXI, and Japan Bank for International Cooperation (JBIC) inked more than ten agreements to bolster Ukraine’s reconstruction endeavors.

Several agreements spotlighted collaborative efforts in sectors like agriculture, education, technology, telecommunications, infrastructure construction, and ecology. Notably, initiatives in wind energy and modernization of Ukraine’s gas transmission infrastructure were affirmed.

Anticipating Ukraine’s extensive recovery needs, with estimates surpassing $486 billion, both nations reaffirmed their commitment to support through bilateral aid. Japan's recent pledge of 15.8 billion yen ($106 million) underscores this commitment, with the formal announcement made during the Tokyo conference.

Furthermore, Japan’s continuous support extends to security initiatives, as highlighted by their contribution to NATO’s trust fund for UAV detecting systems during Japanese Foreign Minister Yoko Kamikawa's visit to Kyiv on 7 January.