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 joins international donation platform for Ukraine
President Yoon Suk Yeol greet his Ukranian counterpart Volodymyr Zelenskyy during Yoon's visit to Saint Sophia Cathedral in Kyiv, Ukraine, July 15, 2023. Courtesy of Korean presidential office
By Nam Hyun-woo
Korea has joined an international platform that has been set up to assist in Ukraine’s recovery from its war with Russia, Seoul’s presidential office said Thursday.
According to the office, Korea became an official member of the Multi-agency Donor Coordination Platform for Ukraine (MDCP) during its eighth Steering Committee meeting held online, Wednesday. The Netherlands, Norway and Sweden also joined as members.
Following a December 2022 decision by the leaders of the Group of Seven (G7) countries — the United States, Britain, Germany, France, Italy, Canada and Japan — the MDCP was launched in January last year having the G7 countries and a number of international organizations as initial members. The MDCP is mandated to coordinate support for Ukraine’s immediate financing needs and future economic recovery and reconstruction.
New annual members of the Steering Committee need to have contributed funds since February 2022, or have committed to contribute at least 0.1 percent of their respective country’s 2022 gross domestic product (GDP) and at least $1 billion. Countries who contributed or promised to contribute at least 0.05 percent of their respective country's 2022 GDP or at least $300 million, can be observers to the platform.
On the occasion of President Yoon Suk Yeol’s visit to Ukraine in July last year, Korea announced its Ukraine Peace Initiative, under which it has been providing security, humanitarian and reconstruction assistance to Ukraine. In September, Korea pledged to provide assistance worth $300 million this year and an additional $2 billion in a mid- and long-term aid package.
Following its MDCP membership, Korea aims to closely collaborate with major nations like the G7 and leverage its experience in safeguarding democracy and the market economy in order to support Ukraine’s peaceful and democratic reconstruction, the presidential office said.
“Through the membership, Korea will directly participate in major donor countries’ discussions regarding Ukraine's reconstruction process,” a presidential official said.
“This is expected to result in helping Korean companies to better understand the progress of the reconstruction efforts of Ukraine, resulting in expanded business opportunities.”