Ukraine and South Korea Deepen Economic Cooperation
On May 2, the Ministry of Economy of Ukraine and the Ukrainian-Korean Business Council (UKBC) signed a memorandum to strengthen bilateral economic cooperation between Ukraine and the Republic of Korea, The Gaze reports referencing The Ministry of Economy of Ukraine.
The memorandum aims to promote economic growth and reinforce bilateral relations by fostering a favorable investment climate, building direct connections between businesses, government agencies, and academic institutions, and creating a unified platform to coordinate cooperation.
“This memorandum marks an important step in coordinating our collaboration with the Republic of Korea through a ‘one-stop shop’ principle,” said First Deputy Minister of Economy of Ukraine, Oleksii Sobolev.
“We aim to build long-term institutional cooperation via the UKBC, fully develop it, and integrate the Korean private sector into Ukraine’s strategic initiatives.”
A key tool in this partnership is Korea’s Economic Development Cooperation Fund (EDCF), with which Ukraine signed a five-year framework agreement worth $2.1 billion last year to support recovery projects.
The new memorandum outlines cooperation in areas such as attracting investment in key sectors—industry, infrastructure, agriculture, and energy; supporting market entry for Korean companies in Ukraine and vice versa; implementing innovative technologies; developing joint projects in digitalization, artificial intelligence, and green energy; boosting trade by easing market access; ensuring logistics support; and promoting research, small and medium-sized enterprises (SMEs), and sustainable development.
As The Gaze previously reported, Ukraine has taken a major step toward sustainable energy by launching a new project to build a combined heat and power (CHP) plant in southern Ukraine fueled by refuse-derived Fuel, in cooperation with Korean partners.