Japan Spearheads Global Effort to Revive Ukrainian Economy Post-Invasion

In a recent statement, Japanese Foreign Minister Yoshimasa Hayashi announced Japan’s intent to lead international efforts in the economic revival of Ukraine, a nation grappling with the aftermath of the Russian invasion. As part of this initiative, Japan aims to host a conference encouraging corporations to participate in Ukraine’s economic resurrection.

A tentative timeline for the summit, as conveyed by Hayashi during a two-day Ukrainian reconstruction symposium in London, indicates a late-year or early next-year schedule. This conference has seen participation from more than 60 countries.

Hayashi emphasized that the Japan-Ukraine Conference for Promotion of Economic Reconstruction would be a powerful platform for both public and private sectors in Japan to contribute meaningfully to Ukraine’s recovery and reconstruction phase.

A subsequent meeting with Ukrainian Prime Minister Denys Shmyhal led to a swift acceptance of Hayashi’s invitation to the proposed conference. This move underlines Japan’s resolve to play an assertive role in Ukraine’s rebuilding endeavors through its public and private domains.

As the incumbent chair of the Group of Seven (G7), Japan, in unison with other member countries, expressed staunch solidarity in backing Kyiv during the Hiroshima summit last month. Tokyo has been contemplating ways to motivate more Japanese corporations to establish a business presence in Ukraine, a nation that has been embroiled in conflict with its former Soviet neighbor, Russia, since February 2022.

Earlier in May, the Japanese government inaugurated the maiden meeting of a multi-ministerial council dedicated to Ukraine’s recovery. Prime Minister Fumio Kishida committed to fostering public-private collaboration on projects encompassing areas like demining and infrastructure regeneration.

Hayashi drew attention to Japan’s history of overcoming adversities, including World War II defeat and natural disasters like the colossal 2011 earthquake and tsunami. He assured that Japan would be at the forefront of providing distinctive reconstruction assistance.

Hayashi also announced that Japan is set to dispatch approximately 160 water purifiers, roughly 530 generators, and close to 30 construction machines to regions severely impacted by flooding due to the Nova Kakhovka dam collapse in the Russian-governed Kherson area on June 6.

In a telephonic conversation with Ukrainian President Volodymyr Zelenskyy following the dam catastrophe, Kishida pledged to offer $5 million in humanitarian aid.

During his five-day European tour concluding on Saturday, Hayashi met G7 counterparts in London and confirmed their joint dedication to restoring peace and prosperity in Ukraine. The G7 top diplomats also discussed China and its increasingly assertive military presence in the Indo-Pacific region.

Hayashi’s itinerary also includes a visit to Paris for an international summit centered around financial strategies to attain U.N. sustainable development goals by 2030.

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