Participation of Korean companies in Ukraine’s recovery will be another step towards strengthening bilateral relations: Yuliia Svyrydenko

In 2023, Ukraine will need USD 14 billion to quickly restore its economy. In particular, the priority sectors for cooperation between Ukraine and Korea are electricity and hydrogen, production of energy equipment, development of green metallurgy, logistics, production of lithium and batteries, electric cars and urban transport. Ukraine is interested in involving Korean companies in joint investment projects to rebuild Ukraine and restore the national economy.

These and other issues were discussed by Yuliia Svyrydenko, First Deputy Prime Minister and Minister of Economy of Ukraine, at a meeting with the Korea-Ukraine Association of Trade and Industry (KUATI) and Korean companies on May 15.

“We have two main tasks: to do everything for victory and to start rebuilding Ukraine now, without waiting for the war to end. Projects worth hundreds of millions of dollars have already been submitted to the Advantage Ukraine platform. The World Bank estimates that Ukraine’s reconstruction needs already exceed USD 400 billion, and the Ministry of Economy estimates that the financing of development projects exceeds USD 500 billion. Investing in Ukraine’s development is a new opportunity for Korean companies and we look forward to their participation in this process,” said Yuliia Svyrydenko.

The First Deputy Prime Minister noted that the projects in question included both those directly related to the reconstruction of Ukraine and those aimed at economic development: housing construction, renewable energy, battery production, shipbuilding, automotive, railway business and production of specialised agricultural machinery.

In particular, Yuliia Svyrydenko invited Korean electric vehicle and machine-building companies to cooperate, and preliminary agreements were reached on the potential location of production facilities in Ukraine.

The First Deputy Prime Minister invited Korean businesses to locate their production facilities, including in industrial parks, and to join the development of industrial parks in Ukraine as management companies. Ukraine, in turn, is offering state incentives in the form of exemptions from import duties and VAT exemptions on equipment imports for manufacturing companies.

“We thank the Korean side for participating in the Lugano Ukraine Recovery Conference and the Berlin Conference on the Recovery of Ukraine. We also look forward to the Korean side’s participation in the Ukraine Recovery Conference to be held in London in July. Ukraine has set an ambitious goal of creating a safe environment for people to live and do business in Ukraine within 12 months of the end of the war. I hope that the Korean business community will play an active role in this process,” emphasised Yuliia Svyrydenko.