Negotiations have started between Ukraine and Japan on updating the investment promotion and protection agreement

Ukraine and Japan have agreed to start negotiations on updating the agreement on the promotion and protection of investments. The goal is to provide investors with reliable legal protection and guarantees for their investments. This was announced by Prime Minister Denys Shmyhal during a joint press conference with Prime Minister of Japan Fumio Kishida.

Denys Shmyhal thanked Fumio Kishida for the initiative to hold the Japan-Ukraine Conference for Promotion of Economic Growth and Reconstruction.

He noted Japan’s comprehensive support for Ukraine – humanitarian, energy, macro-financial, sanction, and support for President Volodymyr Zelenskyy’s Peace Formula.

“For almost two years, Ukraine has been countering russia in a full-scale war. Along the way, Ukraine has always felt the solidarity of Japan. Our common task is to defeat the destructive forces that are trying to turn back the clock and throw humanity into the past. Ukraine and Japan are also brought closer together by the presence of territories temporarily occupied by russia,” the Prime Minister of Ukraine said.

He said that he and Prime Minister Fumio Kishida had discussed a wide range of bilateral cooperation issues.

“In particular, the liberalisation of the visa regime for Ukrainian citizens. We also discussed trade relations. We are grateful to Japan for continuing sanctions pressure on russia. In particular, the introduction of 22 sanctions packages. We spoke with the Prime Minister about strengthening them, extending them and preventing sanctions evasion. We noted the contribution of the Japan International Cooperation Agency (JICA) to the implementation of grant and technical assistance projects in Ukraine, as well as emergency reconstruction projects. We also welcome the decision to launch the Office of the Japan External Trade Organization (JETRO) in Ukraine,” said Denys Shmyhal.

He highlighted the promising areas of bilateral cooperation for Ukraine’s reconstruction. These include the humanitarian sphere, agricultural development, innovative production, including biotechnology, digitalisation and IT, demining and waste management, energy and transport infrastructure, and public administration reform.

“We will cooperate in these areas at all levels with the involvement of the private sector,” the Prime Minister of Ukraine said.

He informed that 56 agreements had been signed as a result of the Conference and the visit of the Ukrainian delegation to Japan.

Denys Shmyhal announced the start of negotiations on the renewal of the agreement on the promotion and protection of investments.

“We hope the negotiation process will be constructive and successful,” he said.

He also informed about other agreements concluded:

  • and intergovernmental Convention for the Avoidance of Double Taxation with respect to Taxes on Income;
  • a memorandum of cooperation on a joint lending mechanism as part of the implementation of the Paris Agreement on reducing greenhouse gas emissions;
  • an arrangement on cooperation with the relevant Japanese ministry in the reconstruction of Ukrainian infrastructure;
  • an agreement to provide Ukraine with a rapid recovery grant;
  • an arrangement with JICA to implement projects to strengthen the role of the private sector in Ukraine’s recovery;
  • with JETRO – to assist Ukrainian producers in entering the Japanese market;
  • a number of bilateral memoranda of cooperation in the agricultural sector;
  • arrangements with the Japan Urban Renaissance Agency and the Japan Water Agency on their participation in the reconstruction of Ukraine;
  • deepening bilateral cooperation with the Keidanren Business Federation of Japan;
  • intensifying cooperation in the fields of medicine and education.

“All of this brings cooperation between Ukraine and Japan to a new level and creates the preconditions for the active participation of Japanese business in the restoration of Ukraine,” said Denys Shmyhal.

For his part, Prime Minister of Japan Fumio Kishida said that Japan continued to support Ukraine’s efforts to ensure its territorial integrity and that this position remained unwavering.

In addition, during his meeting with Denys Shmyhal, Fumio Kishida said that Japan was ready to provide Ukraine with USD 12.1 billion in assistance, including the amount that had already been announced and implemented.