Rebuilding lives: Going beyond business in post-war projects

Korea and Poland agreed to collaborate on rebuilding post-war Ukraine during a summit in Warsaw on July 13. They will establish a vice-minister-level consultation body in September 2023 to co-develop and implement projects. In a press briefing, the Korean Presidential Office stated that the initiative aims to go beyond reconstruction, involving a comprehensive renewal and upgrade of Ukraine's national systems. The project's entire value is estimated at 2,000 trillion won, presenting Korea with business opportunities exceeding 66 trillion won.

Governments and businesses are fervently yet discreetly vying for participation in the rebuilding projects of historic size for post-war Ukraine. The EU and seven industrialized countries launched a multilateral ODA platform, while the U.S., Italy, Germany, and others have proposed diverse reconstruction initiatives since 2022. In Korea, Samsung C&T Corporation and Hyundai E&C are actively pursuing involvement in smart city and small modular reactor construction projects. Korea's unparalleled expertise in rebuilding, gained through redeveloping its own cities after the war, positions it well for these endeavors. It is crucial for both our government and businesses to engage in these projects to support Ukraine's recovery promptly.

Regrettably, the figures provided by the Presidential Office during the press briefing appear questionable. Initially, the government stated the projects were valued at 1,200 trillion won over ten years. However, they now claim the projects could exceed 2,000 trillion won, accounting for potentially missed opportunities. The optimistic estimate of 66 trillion won also raises doubts, considering the substantial funding support from the U.S. and Europe ranging from billions to tens of billions of dollars, along with their local joint ventures that enhance their business accessibility. It is premature to adopt a positive outlook for the future. Our government must consistently strengthen inter-governmental cooperation initiatives to secure better channels and opportunities for our companies to establish a presence.

The July 14 newspaper displayed a poignant photo of a wife embracing her husband, a Ukrainian soldier who suffered severe war injuries. The Presidential Office should exercise discretion when sharing figures such as “66 trillion won” publicly to avoid any perception that we are exploiting the plight of those affected by the devastating war. Rebuilding projects should emphasize our collective compassion and enduring partnership, rather than solely focusing on business opportunities. Ukrainians would expect us to showcase the lessons from our own history, including the "Miracle on the Han River," symbolizing Korea's exceptional economic growth after the war, as portrayed in Ukrainian textbooks.