The issues of involving South Korean companies in the reconstruction of Ukraine, investment prospects and transformation of the Ukrainian economy in the context of the country’s recovery were discussed by the First Deputy Prime Minister of Ukraine, Minister of Economy of Ukraine Yuliia Svyrydenko with representatives of South Korean business circles during the round table “Korea-Ukraine Partnership for the Future” held in Seoul on May 16 under the auspices of the Chamber of Commerce and Industry of the Republic of Korea.
“Korean companies are known for their experience in implementing infrastructure projects. We are working to get them more actively involved in the post-war recovery of Ukraine. After the victory, new unprecedented opportunities for work and development will open up. We are counting on South Korea’s significant contribution to Ukraine’s reconstruction,” said Yuliia Svyrydenko.
She emphasized that Ukraine now faced two main tasks: to do everything to win and to start rebuilding the country now, without waiting for the end of the war. In 2023, Ukraine will need $14 billion for rapid recovery, which means hundreds of various projects where recovery will take place simultaneously.
The Ukrainian delegation suggested that Korean businesses considered opportunities to implement joint projects in various sectors of the economy. Korean investors were interested in such prospects.
For example, Lotte E&C and Hyundai Engineering expressed interest in cooperation in the restoration and cooperation in the fuel and chemical industry.
For POSCO International potential of Ukraine in terms of green metallurgy development was presented. This company also has a grain terminal in Ukraine, so the parties discussed the prospects for cooperation in the agricultural sector with a focus on agricultural production and agro-processing.
They also addressed the possibility of cooperation in the extraction and processing of critical minerals, such as lithium.
The Ukrainian delegation also prepared separate proposals for cooperation with a number of other large Korean companies: Hyundai E&C (one of the market leaders in the construction of infrastructure, energy, industrial and residential facilities), Hyundai Motors, with the possibility of placing electric vehicle production in Ukraine, SK Ecoplant, which specializes in the introduction of the latest environmentally friendly technologies in industry, and Samsung C&T (one of the leading South Korean construction companies), Hanwha Group, with the aim of engaging in the production of full-cycle solar panels, dual-use and defense products, as well as mobile unmanned demining vehicles.
Yuliia Svyrydenko assured the South Korean business community that Ukraine was currently the best place for future business development. After all, the country has a highly skilled workforce capable of coping with the most complex tasks. In addition, investors are offered favorable conditions.
“We offer new companies in the Ukrainian market solutions for locating their production facilities in industrial parks, and we also offer specialized companies to join the development of industrial parks in Ukraine as their management companies. We have established state incentives in the form of exemption from import duties and VAT on equipment imports for manufacturing companies,” Yuliia Svyrydenko assured the Korean businessmen.
Ukraine is able to meet its consumption needs due to its large domestic market and significant export potential.
“We have found common ground with our Korean partners and are already working on resolving organizational issues as promptly as possible to get quick results,” summarized Yuliia Svyrydenko. (Government portal/Business World Magazine)