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Japanese businesses are most interested in investing in Ukrainian agriculture, energy, green metallurgy, cybersecurity, and construction

20 Nov, 2023
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Japanese businesses are most interested in investing in Ukrainian agriculture, energy, green metallurgy, cybersecurity, and construction

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Representatives of major Japanese companies have arrived in Ukraine, expressing interest in participating in projects for the country's recovery. During a meeting with the First Deputy Prime Minister of Ukraine and the Minister of Economy of Ukraine, Yulia Svyrydenko, along with a delegation led by Japan's State Minister for Foreign Affairs, Kiyoto Tsuji, the parties discussed the prospects for the recovery of the Ukrainian economy and the most promising sectors for private business investments.

The delegation also included Japan's State Minister of Economy, Trade, and Industry, Kazuchika Iwata, representatives from the government and business, including the Chairman of the Japan Business Federation, Fumia Kokubu, the Chief Executive Officer of the European office of the Japan External Trade Organization (JETRO), Kojo Saiki, and leaders of companies such as JFE Engineering, KUBOTA, IHI, NIPPON KOEI, and many others. From the Ukrainian side, Energy Minister Herman Halushchenko, as well as Deputy Ministers of Economy Volodymyr Kuzio and Igor Fomenko, were present.

"I want to express sincere gratitude to Japan for comprehensive support to Ukraine, especially in these challenging times amid the full-scale Russian military aggression. The experience and knowledge of Tokyo in post-war reconstruction and recovery after natural disasters are an important part of our support. Japan is already taking practical steps to support our country, particularly in the areas of energy and food security. The significant economic and scientific-technical potential of this country is a crucial factor for deepening bilateral Ukrainian-Japanese economic cooperation," emphasized Yulia Svyrydenko.

She called on Japan to increase sanctions pressure on Russia, particularly in the financial, banking, and defense sectors. Ukraine is counting on further support from Japan, including in the use of frozen Russian assets.

"The strategically important sectors for building a new country and attracting private investment are defense, production and processing of agricultural products, renewable energy, gas production and storage, green metallurgy, construction, eco-friendly transportation, healthcare, and pharmaceuticals. We see great prospects in involving Japanese companies in the early reconstruction of Ukraine," noted Yulia Svyrydenko.

To ensure the security of private investments, the government is developing instruments for war risk insurance.

"We are grateful for the financial support provided by Japan in April of this year to establish the MIGA Sure Trust Fund, enabling 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 Japan Bank of International Cooperation (JBIC), development projects with the participation of JICA, and the export credit agency NEXI, which provides technical and advisory support to the Ukrainian Export Credit Agency," continued Yulia Svyrydenko.

During the conversation, the issue of humanitarian demining in Ukraine was also raised. However, particular attention was given to the reconstruction of Ukraine's economic potential.

"Together with industrial associations, we have analyzed the destroyed and damaged equipment at Ukrainian enterprises. Approximately 500 types of equipment from 21 countries were damaged and require complete replacement, including 86 types of equipment of Japanese origin. We intend to launch the 'Industrial Ramstein' and ask Japan to participate and provide equipment to replace the damaged and destroyed equipment at Ukrainian enterprises. We are grateful for Japan's comprehensive support as our reliable friend and partner, and we count on deepening economic cooperation and the opening of Japanese factories and processing plants in Ukraine, as well as the creation of joint ventures with Ukrainian businesses. You can rely on comprehensive support from the Ukrainian government," summarized Yulia Svyrydenko.

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

Japanese businessmen also expressed interest in increasing direct contacts with Ukrainian entrepreneurs to initiate joint investment projects. Among potential investors, particular interest was noted in the fields of agriculture, energy, green metallurgy, cybersecurity, and construction. Potential investment projects will be discussed during the Ukraine-Japan Business Forum organized 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 Organization (JETRO) in Kyiv.

The Odessa Journal

The Odessa Journal

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