Ukraine eyeing Korean investment - Ministry of Economy

Ukraine eyeing Korean investment - Ministry of Economy

Ukraine is counting on South Korea's significant contribution to the country’s post-war recovery.

This was reported by the press service of the Ministry of Economy following the meeting of the First Deputy Prime Minister, Minister of Economy Yulia Svyridenko with representatives of South Korean business circles.

"Korean companies are known for their experience in implementing infrastructure projects. We are working to get them more actively involved in the post-war reconstruction of Ukraine. After the victory, new unprecedented opportunities for work and development will open up. We count on South Korea's significant contribution to Ukraine’s recovery," Svyrydenko noted.

She emphasized the two main tasks Ukraine is now facing: to do everything to achieve victory and to start rebuilding the state now, without waiting for the end of the war. In 2023, for rapid recovery, Ukraine needs $14 billion, which includes hundreds of various projects, where recovery will be taking place simultaneously.

The Ukrainian delegation offered Korean businesses to consider opportunities for implementing joint projects in various sectors of the economy. Korean investors expressed interest in such prospects. For example, Lotte E&C and Hyundai Engineering are mulling cooperation on recovery, as well as in the fuel and chemical industry.

Read also: Ukraine's first lady, South Korea's president discuss need for air defense systems

To POSCO International, Ukraine’s potential was pitched  from the perspective of green metallurgy development. Also, the company runs a grain terminal in Ukraine so the parties discussed the prospects of cooperation in the agricultural sector with an emphasis on agri-production and processing.

Separately, the parties discussed the opportunities for cooperation in the field of extraction and processing of critical minerals, such as lithium.

Also, the Ukrainian delegation separately drafted proposals for cooperation with a number of other large Korean companies: Hyundai E&C (one of the leaders in the market of services for the construction of infrastructure, energy, industrial and residential facilities) and Hyundai Motors, with the possibility of placing electric car production capacities in Ukraine, SK Ecoplant, which specializes in the implementation of the latest environmentally friendly technologies in industry, and Samsung C&T (one of South Korea’s leading construction companies), and Hanwha Group – with the aim of engaging in the full-cycle production of solar panels, dual-use, and defense products, as well as mobile unmanned mine clearance vehicles.

Read also: Ukraine preparing energy system for winter, taking war-related threats into account - minister

Svyrydenko assured representatives of South Korean business circles that Ukraine is now the best place for future business development. After all, it is this country that has a highly qualified workforce capable of handling the most difficult tasks. In addition, favorable conditions are offered for investors.

"We offer new companies on the Ukrainian market solutions for placing their production facilities in industrial parks, and we also offer specialized businesses to join the development of industrial parks in Ukraine as their management companies. We have established government incentives in the form of exemption from import duty and VAT on the import of equipment for manufacturing enterprises," Svyrydenko assured.

As Ukrinform reported earlier, Ukraine’s First Lady Olena Zelenska discussed with the South Korea President, Yoon Suk Yeol, the need for air defense systems and demining equipment.

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