Yuliia Svyrydenko, First Deputy Prime Minister – Minister of Economy of Ukraine, held a meeting with Matsuda Kuninori, Ambassador Extraordinary and Plenipotentiary of Japan to Ukraine. The ministers discussed issues of military and financial assistance, strengthening of trade in the Pacific region, investment prospects and post-war recovery of Ukraine.

“Ukraine is sincerely grateful to Japan for its continuous and unprecedented support and assistance in these dramatic times. Today, we have the highest level of trust and cooperation between our governments. We appreciate Japan’s military support, sanctions against the aggressor state, macro-financial and humanitarian aid,” said Yuliia Svyrydenko, First Deputy Prime Minister – Minister of Economy of Ukraine.

She assured the Ambassador Extraordinary and Plenipotentiary of Japan that Ukraine is interested in the development of bilateral cooperation. Today, Japan ranks third among our trading partners in Asia and the Pacific region. It is with the latter countries that Ukraine bets on increasing trade volumes.

Yuliia Svyrydenko also emphasized that Ukraine needed foreign investments now more than ever.

“We appreciate that Japan is actively encouraging the private sector to join the reconstruction of our country. We welcome the interest of the Japan International Cooperation Agency (JICA) and Sumitomo Corporation to start public-private partnership projects in Ukraine. We are confident that our victory will open new unprecedented opportunities for work and development. Ukraine will be the best country in terms of opportunities for investors,” Yuliia Svyrydenko stressed.

The parties continued the dialogue, which began at the summit of the G7 trade ministers in Germany, between the Ukrainian Minister and Nishimura Yasutoshi, Minister of Economy, Trade and Industry of Japan about the intensification of the work on insurance of Japanese investments by the NEXI export credit agency. The Ministry of Economy believes that this mechanism can become key to attracting Japanese investors to Ukraine.

According to Yuliia Svyrydenko, Ukraine is interested in the development of bilateral cooperation with partner countries, including the presence of domestic business in foreign markets and the implementation of initiatives of mutual interest, even despite the military situation in the country. In particular, the parties discussed work on opening an office of the Japan External Trade Organization (JETRO) in Ukraine to strengthen trade cooperation between the countries.

In turn, the Japanese side was very interested in the experience of the Ministry of Economy of Ukraine in the eRobota business support programs. In particular, the “Own business” micro-grant program for the creation and expansion of small private enterprises. Matsuda Kuninori stated that this is one of the most effective mechanisms for economic recovery in wartime conditions, and Japan is interested in supporting such Ukraine’s initiatives.

Background

Since the beginning of the full-scale invasion of Russia, Japan has provided several batches of humanitarian, medical and military aid to Ukraine. Ukraine received almost 70 tons of medicines and medical devices, in particular portable ultrasound machines and ventilators.

In August 2022, the Government of Japan announced another package of aid to Ukraine – consumer vehicles (vans) and small drones. At the same time, the Japan Ministry of Defense and Self-Defense Forces earlier handed over body armours, helmets, protective masks, chemical protection suits, small drones, etc. to Ukraine.

Ukraine also received 65 billion Japanese yen (approximately $500 million) of preferential credit as part of a credit agreement signed by Serhii Marchenko, Minister of Finance of Ukraine, and Tanaka Akihiko, President of the Japan International Cooperation Agency (JICA). The funds were transferred to the state budget to finance priority social and humanitarian expenditure as well as health care. Earlier, Ukraine received about $100 million from Japan under this agreement.

Grant assistance in the amount of $2.6 million will be used for the procurement of medical equipment to support the healthcare and medicine system.

Together with the EU, the USA and the UK, Japan imposed sanctions against more than 700 citizens of russia and belarus and more than 200 organizations and enterprises (including against 9 banks). Japan banned the exportation of more than 300 goods to russia, including luxury cars, luxury items, semiconductors, radars, sensors, lasers and other equipment. The importation of 38 types of russian goods, namely veneer, wood chips, cars and motorcycles, beer, wine, vodka and others was banned.