Korean firms take part in Ukraine's reconstruction efforts

On Friday (local time) during his state visit to Poland, President Yoon Suk Yeol spoke about Korea's role in the reconstruction of Ukraine. “Korea has a history of rebuilding from the ashes, following the devastating 6.25 War, thanks to international support,” the president said. "This experience, combined with Korea’s backing, will play a pivotal role in post-war recovery and restoration efforts in Ukraine.” The Presidential Office estimates that the total scale of the projects, including the Ukraine reconstruction initiative, will greatly surpass previous figures, soaring above 2,000 trillion won.

By September, a vice-ministerial consultative body will be set up between Korea and Poland, marking the start of a concerted search for collaborative projects. Korea's contribution to Ukraine's reconstruction efforts is estimated at 52 billion dollars. This sum incorporates a 20-billion-dollar reconstruction scheme requested by the Ukrainian government in May and a 32 billion dollar worth of the private-led project.

“This is a significant opportunity for participation in the reconstruction effort, particularly in securing overseas infrastructure contracts,” President Yoon said at the 'Ukraine Reconstruction Cooperation Enterprise Roundtable' convened in a Warsaw hotel. "The (Korean) government will actively support private sector-led efforts in Ukraine's reconstruction." Eleven key players in the reconstruction project, including Samsung C&T, Hyundai E&C, Kolon Global, HD Hyundai XiteSolution, Hyundai Rotem, and the Export-Import Bank of Korea, were present at the meeting.

“Comprehensive support is underway for those seeking to join the Ukraine reconstruction effort,” Choi Sang-mok, Senior Presidential Secretary for Economic Affairs, said. "A trilateral cooperation system among Korea, Poland, and Ukraine has been established, setting the stage for concerted action on Ukraine's reconstruction."

In the subsequent Korea-Poland Business Forum, President Yoon urged business leaders from both countries, stating, "Ukraine's reconstruction will usher in a new era of cooperation between nations. Let's jointly participate in the post-war recovery projects." The forum, attended by around 250 representatives from both countries, led to the signing of 33 Memorandums of Understanding (MOUs) spanning new energy industries and infrastructure sectors.


Kwan-Seok Jang jks@donga.com