United to win: Korean businesses will support Ukraine’s reconstruction

Ukraine and South Korea agreed to develop infrastructure restoration projects involving Korean high-tech experience and business investments, Rubryka reports, referring to Ukraine's Ministry of Community Development, Territories, and Infrastructure.

What is the problem?

Ukraine's infrastructure has suffered greatly due to constant Russian shelling. Attacks on the critical facilities are a war crime committed by the Russian military during a full-scale military invasion to force the senior Ukrainian political leadership to negotiate with the Kremlin regime on terms favorable to Moscow.

What is the solution?

Korean businesses will help with the reconstruction of Ukraine. Ukraine and South Korea reached and signed an agreement during the joint Cooperation Forum.

"Private capital and business are key players in the recovery. The Republic of Korea became a real technological giant and is currently an expert leader in the industry. Korea's expertise in up-to-date technology and transport is important for us," said Oleksandr Kubrakov, the deputy prime minister for Ukraine's reconstruction. "We are grateful for the willingness of our colleagues to share their experience to put the main idea of post-war reconstruction to fruition — Build Back Better." 

How does it work?

The Korean delegation visiting Kyiv is headed by Korea's Minister of Lands, Infrastructure, and Transport, Won Hee-ryong. Among the business representatives are the CEOs of Samsung, Hyundai, Hanwha Solutions, Yooshin, and Posco.

Ukraine was represented by the chairs of the State Agency for Reconstruction and Infrastructure Development and the Kyiv and Mykolaiv regional military administrations.

On the sidelines of the forum, the parties discussed joint projects. One of the biggest is the development of a new General Plan and transport model for the Kyiv region. A water drainage and wastewater treatment project for the war-torn city of Bucha will be developed separately.

Ukraine and Korea also signed memorandums of cooperation. Ukraine's State Agency for Reconstruction and Infrastructure Development affirmed its collaboration with the Korean Corporation for Infrastructure and Urban Development (KIND). The Mykolaiv Regional State Administration received construction equipment from Hyundai, and the Ukrainian state bank, Oschadbank, signed the agreement with KIND.

Another priority for Ukraine is to develop the railway, particularly by expanding the network of high-speed trains. The parties also discussed potential cooperation in developing ports, airports, and waste management.

As Rubryka reported, during the G20 summit, South Korean President Yoon Suk Yeol announced $2.3 billion in financial aid to Ukraine for recovery in 2025. In 2024, Ukraine will receive $394 million.

Rubryka also reported that President Volodymyr Zelensky met with Minister Won Hee-ryong and representatives of Korean businesses.

Minister of Energy Herman Halushchenko also held a meeting with the Korean delegation. The Ministry of Energy reported that since the beginning of the full-scale war, the Republic of Korea has transferred ten cargoes of humanitarian aid to Ukraine's energy sector.