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Yuliia Svyrydenko: Ukraine is interested in learning from Japan's experience in economic recovery in the post-war period

03 Aug, 2023
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Yuliia Svyrydenko: Ukraine is interested in learning from Japan's experience in economic recovery in the post-war period

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Ukraine and Japan will continue to cooperate in the areas of financial support, humanitarian demining, small and medium-sized business development, attracting Japanese investment, and restoring our country from the consequences of the war with russia. These issues were discussed during a meeting between Yuliia Svyrydenko, First Deputy Prime Minister of Ukraine and Minister of Economy of Ukraine, and Kanda Masato, Vice Minister of Finance for International Affairs of Japan.

"We appreciate the financial support provided by Japan to Ukraine. It is crucial for maintaining the macro-financial stability of our country. Now we need to strengthen support for small and medium-sized businesses to accelerate economic growth and create new jobs. First and foremost, we want to develop Ukrainian industry in line with the principles used by Japan in its post-war recovery. One of the priorities of our cooperation should be to strengthen cooperation between Ukrainian producers and Japanese partner companies," emphasized Yuliia Svyrydenko.

According to her, Ukraine now needs support from the partners of grant programs for small and medium-sized businesses and processing enterprises. This should stimulate economic activity.

"I hope that Japan will manage to provide us not only with financial support for the budget, but also for the private sector. After all, without access to finance, it is very difficult for entrepreneurs to develop and create new jobs," Yuliia Svyrydenko continued.

Another incentive for economic growth should be the introduction of war risk insurance instruments.

"We appreciate Japan's financial contribution to MIGA in the amount of USD 23 million to cover war risks when investing in Ukraine. This is a very important message for international businesses that want to operate in our country. But it is even more important for us to provide such insurance to Ukrainian companies. This will serve two purposes at the same time - it will reduce the risks for doing business and help companies get financing from Ukrainian banks. To this end, we are looking for projects and partners to increase the capital of the Ukrainian Export Credit Agency," added Yuliia Svyrydenko.

She also invited Japan to consider financing the enlargement of the eOselia program of preferential lending for real estate. After all, this program not only meets the social needs of people, but will also stimulate the construction sector, which has one of the highest multipliers for the economy.

According to Yuliia Svyrydenko, the Government faces the challenge of returning more than 5.5 million Ukrainians who left for Europe during the war. To do this, it is crucial not only to ensure the safety of citizens in the form of a reliable air defense shield and humanitarian demining of territories, but also to restore infrastructure and stimulate the creation of new jobs.

During the meeting, the parties discussed the possibilities of financing veterans' adaptation programs, creating industrial parks and preparing public-private partnership projects.

Japan has also been invited to join the preparation of the concept of Ukraine's Economic Growth Plan for the next 4 years (Ukraine Facility). After all, this plan should be agreed not only by the European Union but also by other major donors who are willing to support Ukraine in the coming years.

The Odessa Journal

The Odessa Journal

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