Ukrainian and Korean businesses discussed joint investment projects

Ukraine and South Korea discussed expanding economic cooperation during a meeting of companies from both countries in Seoul. The event was part of a historic visit by Ukraine’s Foreign Minister, the first in the past 11 years.

Foreign Minister Andrii Sybiha visited South Korea, where he participated in a roundtable with leading Ukrainian and Korean companies. The meeting took place at the Korea Overseas Infrastructure & Urban Development Corporation (KIND). This provided an opportunity to discuss key areas of cooperation, including energy, infrastructure, logistics, and Ukraine’s reconstruction. They also focused on issues related to nuclear energy development, renewable sources, hydrogen technologies, and energy grid modernization.

This visit occurred amid increasing trade turnover between Ukraine and South Korea, which in 2022 exceeded 1.3 billion dollars. This indicates significant potential for further strengthening of economic ties between the countries. During the meeting, the Ukrainian side outlined the potential for utilizing a credit program worth 2.1 billion dollars under the Economic Development and Cooperation Fund. Issues of restoring transport infrastructure, including railways, ports, and urban logistics, were also discussed.

The parties touched upon the implementation of high-tech agriculture and drone technologies in the agricultural sector. Ukraine proposed expanding trade links and concluding new economic agreements towards full integration into the European market.

Separately, the possibilities of defense cooperation were discussed, particularly the development of drone technologies already used in combat conditions. As a result of the meeting, Ukraine proposed organizing the next business forum with the participation of leading companies from both countries.