Nam Hyun-woo has worked as a staff writer at The Korea Times since 2013, mostly covering business and politics. He currently belongs to the Business Desk where he covers topics such as emerging tech, AI, ICT and Korea's chaebol community. Prior to joining the team, he was the paper's correspondent for the presidential office of Korea during the Yoon Suk Yeol and Moon Jae-in administrations.
Korea's post-war reconstruction experience helpful for Ukraine: Yoon
President Yoon Suk Yeol speaks during a meeting with Korean business leaders seeking to participate in Ukraine's reconstruction projects, at a hotel in Warsaw, Poland, Friday (local time). Newsis
By Nam Hyun-woo
Seoul, Warsaw, Kyiv in 3-way cooperation to rebuild Ukraine
By Nam Hyun-woo
WARSAW ― President Yoon Suk Yeol stressed that Korea's experience of rebuilding the nation from the ashes of the Korean War to the world's 12th-largest economy will be helpful for Ukraine's post-war reconstruction projects.
Yoon made the remarks during a meeting with Korean business leaders seeking to participate in such projects, Friday (local time), in Poland, which is widely viewed as the hub for Ukraine's reconstruction due to its geographic proximity and political relationship, on the occasion of Yoon's official visit to Warsaw.
Given Kyiv's reconstruction projects are anticipated to require a massive capital injection, Korean businesses see this as an opportunity, and the government is striving to support them by setting up a three-way cooperation scheme between Korea, Poland and Ukraine.
During the meeting, participants including the leaders of Samsung C&T, Hyundai Engineering & Construction and nine other businesses and government organizations discussed strategies for information collecting, networking with Ukrainian officials and financial support.
“Given Korea's experience of rebuilding the country after the Korean War with support from the international community, our experience and support can greatly contribute to the recovery and reconstruction of Ukraine,” Yoon said.
“Ukraine's reconstruction is an important opportunity from the perspective of overseas infrastructure contracts, so the government will actively support the private sector proactively to help businesses participate in reconstruction projects.”
Korea's Land Minister Won Hee-ryong, front row left, and Poland's Government Plenipotentiary for Polish-Ukrainian Development Cooperation Jadwiga Emilewicz, front row right, pose with a memorandum of understanding on cooperation for Ukraine's post-war reconstruction, as President Yoon Suk Yeol and his Polish counterpart Andrzej Duda applaud during the presidents' summit in Warsaw, Poland, Thursday (local time). Yonhap
A day earlier, Korea established a three-way cooperation scheme with Poland and Ukraine for Kyiv's post-war reconstruction efforts, to facilitate the involvement of Korean firms in infrastructure and other restoration projects worth $52 billion (66 trillion won).
On the sidelines of Yoon's summit with his Polish counterpart Andrzej Duda, Korea's land minister and Poland's plenipotentiary for development cooperation with Ukraine signed a memorandum of understanding (MOU), detailing measures to strengthen cooperation between the two countries to assist in the reconstruction of Ukraine.
Korea signed a separate MOU with Ukraine in May concerning the war-torn country's post-war restoration and the latest agreement with Poland enables Seoul to form a three-way cooperation scheme to assist with Kyiv's idea of upgrading its national system after the war against Russia comes to an end.
“Following the Korea-Ukraine MOU, the MOU with Poland has completed a trilateral cooperation scheme for the reconstruction of Ukraine,” Senior Presidential Secretary for Economic Affairs Choi Sang-mok said.
The cooperation will start by establishing a vice-ministerial consultative body in September to share information and seek joint reconstruction projects in Ukraine. Also, the Korea Overseas Infrastructure and Urban Development Corporation plans to open an office in Warsaw and send staff to work on infrastructure projects.
The Korean government anticipates the value of reconstruction projects involving Korean firms will reach $52 billion.
This is comprised of $20 billion from approximately 5,000 reconstruction projects that Kyiv requested Seoul for assistance in the May MOU, under which Korean businesses will participate in the modular construction of homes, schools and hospitals. In addition, the Korean private sector has been pursuing projects worth $32 billion in the fields of small modular reactors (SMRs), airport reconstruction, construction machinery, trains and information technology.
Hyundai Engineering & Construction is collaborating with U.S. partner companies and the Ukrainian nuclear power authority to enter Ukraine's SMR market worth $30 billion.
Samsung C&T is exploring local market entry in Rivne, Ukraine's second-largest province, by collaborating with Turkish construction companies, aiming to develop smart cities and other projects.
HD Hyundai XiteSolution, which currently holds a 20 percent share of the Ukrainian construction machinery market, has set a goal to supply 40 percent of the anticipated demand for 14,000 construction equipment over the next five years.
“The Ukrainian government is seeking to not only rebuild its country from the damage of war, but also wants new construction projects to upgrade the national system,” Choi said. “Ukraine has expressed hope that our technology and experience, which achieved the 'miracle on the Han River' after being devastated by the Korean War, would be used in the reconstruction efforts.”