Japanese Council Eyed to Promote Investment in Ukraine

The Yomiuri Shimbun

6:00 JST, May 13, 2023

The government will establish a liaison council to promote investment by Japanese companies in Ukraine’s reconstruction efforts, The Yomiuri Shimbun has learned.

The council, which might hold its first meeting on Monday, highlights support for Ukraine in Japan ahead of the upcoming Group of Seven summit in Hiroshima.

Ukrainian reconstruction is in focus even as Russia continues attacks on its neighbor.

Ukrainian President Volodymyr Zelenskyy has been calling on the world for private sector investment in his country. Zelenskyy expressed his hope for Japanese support when Prime Minister Fumio Kishida visited Ukraine in March.

The liaison council will discuss government plans to create an environment conducive to investment by Japanese firms.

It will be headed by Deputy Chief Cabinet Secretary Seiji Kihara, and include director-level personnel from the Foreign Ministry, the Economy, Trade and Industry Ministry, the Internal Affairs and Communications Ministry, and the Agriculture, Forestry and Fisheries Ministry, among others.

Among the proposals is a plan to offer Japanese companies financial support from the government-affiliated Japan Bank for International Cooperation, with Nippon Export and Investment Insurance, wholly owned by the government, tapped to mitigate the risks to the firms.

Japan hopes to offer 5G technology to Ukraine, which urgently needs to restore its war-stricken telecommunications infrastructure. The introduction of Japanese “smart agriculture” technology has also been proposed to improve the productivity of the farming sector in the major agricultural producer.

In addition to boosting investment in Ukraine, Tokyo wants to strengthen ties between Japanese firms and Ukraine’s neighbor, Poland.