The Ukrainian Prime Minister praises Japan for his country's “economic miracle”.
Ukrainian Prime Minister Denys Chmyhal called on Japan and its private companies to invest in Ukraine once the war against Russia ends during a visit to Tokyo on Monday.
Since the start of the Russian invasion two years ago, “Japan has provided Ukraine with more than $10 billion in various aid items,” making the Japanese archipelago of Kiev its fourth-largest financial partner, Mr. Chmyhal stressed during a conference with Tokyo government and Ukrainian officials Japanese business circles.
“The private sector will be the main engine of Ukraine's reconstruction efforts (…). “We want to work with Japan on the modernization and reconstruction of Ukraine, we want you to be part of the Ukrainian economic miracle,” he said after the war. “Companies that invest in Ukraine now will make profits and have incredible opportunities in the coming years,” he continued.
Ukraine's reconstruction and economic recovery needs are enormous and growing: last week they were re-estimated at $486 billion by the World Bank, the United Nations, the European Union and Kiev. That's $75 billion more than the previous estimate from March 2023.
Mr. Chmyhal identified five main sectors of potential economic cooperation with Japan: energy, infrastructure, automotive industry, digital technologies and the extraction of natural resources in Ukraine, such as lithium.
Due to its pacifist constitution, Japan is subject to strict controls on its arms exports. For this reason, Tokyo focuses primarily on humanitarian aid, economic support and the reconstruction of Ukraine and, like other G7 countries, is also participating in international sanctions against Moscow.
“Japan has stood by Ukraine and will continue to do so,” its Prime Minister Fumio Kishida promised on Monday.
The two states signed various agreements on Monday on rebuilding Ukraine's infrastructure, the country's agriculture and even demining the territory.