Ukraine invites Japanese business to become part of the Ukrainian economic miracle

The Government is studying the experience of Japanese modernisation in order to create a “Ukrainian economic miracle”. This was stated by Prime Minister of Ukraine Denys Shmyhal at the Conference for Promotion of Economic Growth and Reconstruction. The event is being held in Tokyo with the participation of Japanese Prime Minister Fumio Kishida.

According to the Head of Ukrainian Government, during last year’s visit, Ukrainian President Volodymyr Zelenskyy and Japanese Prime Minister Fumio Kishida laid a new foundation for a special global partnership between the two countries.

“Japan reaffirmed its commitment to participate in Ukraine’s recovery. So today’s meeting is the next step in the development of our relations,” said Denys Shmyhal.

The Prime Minister of Ukraine noted that the Government was studying the experience of Japanese modernisation and analysing all that had allowed the Japanese economy to become one of the five largest in the world.

According to Denys Shmyhal, the private sector will be the engine of Ukraine’s recovery. International business will be at the centre of all processes.

“We would like to invite Japanese companies to join us on the path of Ukraine’s recovery and modernisation. We invite you to be part of the Ukrainian economic miracle. Those who invest in our economy today will receive great benefits and opportunities in the years to come,” the Prime Minister said.

Denys Shmyhal told the conference participants about the main areas in which Ukraine currently offered investment opportunities for Japanese companies.

In particular, in the energy sector. Nuclear power generation, gas production and storage, hydrogen energy projects and hydropower.

“The second sector is agriculture. Ukraine is already one of the world leaders in the production of many crops. Thanks to Japanese technology and investment, we can implement ambitious projects in the field of fertiliser production and food production,” the Prime Minister said.

The third sector is infrastructure. According to the Head of Ukrainian Government, this is a market worth tens of billions of dollars.

“We are interested in the participation of Japanese investors in projects for the construction of motorways, railways and bridges, as well as in the reconstruction of destroyed cities,” added Denys Shmyhal.

The fourth sector is the automotive industry. The Prime Minister invited Japanese car industry leaders to open production facilities in Ukraine. The Government, for its part, plans to introduce additional incentive programmes to support automotive manufacturers, including electric cars.

“The fifth sector is mining. Up to a third of Europe’s proven lithium reserves are located in Ukraine’s subsoil. This resource allows us to create a closed cycle of electric vehicle production for their further export to the EU,” said Denys Shmyhal.

The sixth sector, according to the Prime Minister, is IT, digital technologies and cybersecurity. Ukraine offers IT companies some of the world’s most favourable tax and regulatory conditions.

Denys Shmyhal, on behalf of himself and the President of Ukraine, thanked the government and people of Japan for the extraordinary support. He noted that since the beginning of the full-scale russian invasion, Japan had provided Ukraine with more than USD 10 billion in various forms of assistance.