Park Jae-hyuk is a seasoned journalist who has provided comprehensive coverage of South Korea's corporate dynamics, economic policies, industry challenges and the global positioning of Korean companies. Based on the articles he has written since joining The Korea Times in 2016, his investigative approach has helped readers understand corporate governance, economic trends and business strategies shaping South Korea’s economy.
Ukrainian employees prevent shutdowns of Korean firms after Russian invasion
POSCO International's grain terminal in Mykolaiv, Ukraine / Courtesy of POSCO International
By Park Jae-hyuk
POSCO International resumes transporting grain from Mykolaiv terminal
By Park Jae-hyuk
Ukrainian employees have enabled Korean companies to continue their operations in the Eastern European country, even after the evacuation of their Korean managers in the wake of Russia's invasion, according to industry officials, Thursday.
POSCO International announced that it has partially resumed the operation of its grain terminal in the southern city of Mykolaiv, as its employees there have maintained the facility and remote communication with the Korean office.
The operation of the terminal storing 115,000 tons of wheat, corn, barley and other grains had been suspended temporarily, since Russia attacked Ukraine in late February.
However, amid growing concerns among its clients about supply chain disruptions and a global food crisis, the trading subsidiary of POSCO Group recently transported 2,000 tons of wheat to the Ukraine's western border by land, instead of sea routes blocked by the Russian navy.
Considering the fact that embassies of Korea and other major countries have returned to the Ukrainian capital of Kyiv, the company plans to increase its shipments, while taking care of the safety of its local employees.
“The period between July and August is Ukraine's crucial harvesting season,” a POSCO International official said. “Given that wheat and corn have still been cultivated in the southern region despite the war, we will offer our services to minimize damage to farmers and clients.”
Hyundai Rotem's Ukrainian workers also voluntarily repaired a train in March, in spite of the company's order to evacuate, according to the Ukrainian Railways.
“We repaired a Hyundai Rotem train during the war and got it back on track,” the Ukrainian state-owned railway transportation company said. “Along with specialists from our branch, the Korean firm's experts completed a number of repair works over 15 weeks.”
As a result, the train supplied by Hyundai Rotem in 2012 to transport emergency goods, has been used on the route between Kyiv and Shostka.
In addition, Ukrainian politician Borys Kolesnikov expressed his gratitude to Hyundai Rotem on social media last month, celebrating the 10th anniversary of its entry to the Ukrainian railway market.
Samsung Electronics also said it did not halt its business in Ukraine, as local employees have maintained the operation of its subsidiary in Kyiv.
When the Ministry of Foreign Affairs prohibited all Korean nationals from traveling in all parts of Ukraine in February, Korean companies doing business in Ukraine pulled out their Korean employees there.
The Korea Trade-Investment Promotion Agency's (KOTRA) Kyiv office head also moved to Warsaw that month and has worked at an interim office in the Polish capital.
However, he told The Korea Times at that time that Korean companies would not close their subsidiaries and offices in Ukraine, because local employees would manage their workplaces.