Ukraine and the Republic of Korea to deepen bilateral economic cooperation through Business Council

On 2 May, Ministry of Economy of Ukraine and the Ukrainian-Korean Business Council Association (UKBC) signed a memorandum to coordinate cooperation between Ukraine and the Republic of Korea. The ceremonial signing was attended by First Deputy Minister of Economy Oleksii Sobolev and UKBC Chairman Roman Grygoryshyn.

The memorandum aims to maximise support for economic development and strengthen ties between Ukraine and the Republic of Korea. This includes fostering a favourable environment for attracting investors, establishing direct contacts between businesses, government institutions, and academic organisations of both countries, and creating a unified platform to coordinate cooperation.

“The signing of the memorandum is a key step towards coordinating our cooperation with the Republic of Korea on a ‘single window’ basis. We aim to build long-term institutional collaboration through the UKBC, develop it to its fullest, and integrate the Korean private sector into Ukraine’s strategic state initiatives. Intergovernmental partnership allows us to attract credit funds from Korea’s Economic Development Cooperation Fund (EDCF) to Ukraine’s economy. Last year, we signed a five-year framework agreement for USD 2.1 billion to support Ukraine’s reconstruction projects, kickstarting the practical implementation of our agreements. However, we are also keen to expand our cooperation, and today marks an important step in that direction,” said First Deputy Minister of Economy Oleksii Sobolev.

The parties agreed on the following areas of cooperation:

• Promoting investment in key economic sectors, including industry, infrastructure, agriculture, and energy;
• Supporting Korean companies entering the Ukrainian market and Ukrainian companies accessing the Korean market;
• Implementing innovative technologies in production and management;
• Developing joint projects in strategically important sectors, including digitalisation, artificial intelligence, and green energy;
• Boosting bilateral trade by facilitating market access for both countries;
• Providing logistical support and creating conditions for the export and import of goods;
• Supporting joint research projects and academic conferences;
• Promoting joint projects for small and medium-sized enterprises, focusing on innovative approaches and sustainable development;
• Organising business forums and meetings to expand networking opportunities.

In the near future, Ministry of Economy, together with the Ukrainian-Korean Business Council, will compile a comprehensive list of projects that could be implemented through cooperation, both with EDCF and in the private sector. The parties agreed to jointly monitor the implementation of each initiative. Plans also include creating a dashboard of the most promising projects and developing a roadmap for key areas of interaction.