“Japan will continue helping Ukraine rebuild”: PM Kishida at reconstruction conference

Japanese Prime Minister Fumio Kishida stated at the opening of the Ukraine Recovery Conference on Monday that Japan will continue to provide diverse assistance to Ukraine in rebuilding and share its own experience in recovery after devastating earthquakes. 

Kishida described the current economic situation in Japan as "challenging" but emphasized that assisting Kyiv in recovery and reconstruction is an "investment in the future," Rubryka reports, referring to Kyodo.

The Japanese prime minister announced that Japan and Ukraine would conclude an agreement to avoid double taxation and would begin negotiations to revise the bilateral investment agreement to create the most favorable conditions for Japanese companies to participate in reconstruction projects in Ukraine.

According to Kishida, his government has already taken several steps to encourage Japanese companies to invest in Ukraine, including recently easing restrictions on business travel to war-torn countries, which were previously prohibited by law.

President Volodymyr Zelensky was scheduled to speak via video address during the conference, but Kyiv canceled it without specifying the reason.

The conference in Tokyo, attended by about 300 government and corporate participants from Japan and Ukraine, is being held amid growing concerns that support for Kyiv from Western countries may decline while Russia is determined to wage a war of attrition.

The Japanese government noted that during Prime Minister Kishida's one-day visit to Kyiv in March of last year, the Japanese PM and his Ukrainian counterpart Denys Shmyhal signed memoranda of cooperation in various areas, including infrastructure reconstruction, demining, agricultural expansion, improving the humanitarian situation, development of biotechnology, industry, and information technology, and strengthening governance.

Kyodo reports that the World Bank has estimated the cost of Ukraine's reconstruction at $411 billion over the next decade, which Kyiv is likely to finance through loans, presenting business opportunities for companies worldwide, including those in Japan.

What we know about the Ukraine Recovery Conference

The first conference took place at the end of April 2023 in the Italian capital, Rome, with representatives of over 150 domestic companies in attendance.

They met directly with Italian businessmen, discussed cooperation opportunities in various areas, and even concluded some contracts.

The second Ukraine Recovery Conference was held in London on June 21-22. During a virtual speech, President Zelensky outlined five key principles, including unity, stability, development, security, and democracy, which will form the basis of Ukraine's post-war reconstruction, made possible with international support.

The next reconstruction conference is taking place in Tokyo, Japan, with the participation of both countries' prime ministers on February 19-20, 2024.

Approximately 200 Japanese and Ukrainian companies are expected to participate in the Ukraine Recovery Conference in the Japanese capital of Tokyo on February 19-20.