Ukraine looks to Korean firms for post-war reconstruction

First Deputy Prime Minister and Minister of the Economy of Ukraine Yulia Svyrydenko, front row center, poses with Vice Chairman of Korea Chamber of Commerce & Industry (KCCI) Woo Tae-hee, front row third from right, and other officials during a business meeting at the KCCI building in Seoul, Tuesday. Courtesy of KCCI

By Kim Hyun-bin

The deputy prime minister of Ukraine called on Korean firms to participate in the war-torn country's post-war reconstruction projects, which are estimated to reach up to $893.2 billion over a 10-year period.

At the "Korea-Ukraine Partnership for the Future” meeting organized jointly by the Korea Chamber of Commerce & Industry (KCCI) and the Embassy of Ukraine in Korea, Ukraine's First Deputy Prime Minister Yulia Svyrydenko said, "Ukraine has to work on rebuilding its infrastructure, energy (sector) and more.”

“We hope for cooperation in the fields of environmental energy, green hydrogen, and other areas where Ukraine, a country with high potential in environmental technology, can collaborate with Korean companies,” she said.

She pointed out that Korea and Ukraine have maintained a trading volume of over $800 million over the past three years, successfully continuing a cooperative relationship despite the COVID-19 pandemic and Russian invasion.

Oleksandr Gryban, the deputy minister of the economy of Ukraine, said the three main goals of the war-torn country's reconstruction project are strengthening resilience, promoting recovery and modernization.

He added that due to the war, Ukraine has incurred approximately $13 billion in damage to its social infrastructure. The most urgent task is the restoration of essential infrastructure, including hospitals, schools and homes.

Ukraine's reconstruction projects, known as the "Second Marshall Plan," focus on establishing infrastructure for future development. Major countries as well as global organizations, including the International Monetary Fund (IMF), the European Investment Bank (EIB), and the European Bank for Reconstruction and Development (EBRD), have expressed their intentions to join the reconstruction projects.

From the Ukrainian side, government officials, including the first deputy prime minister and Deputy Head of the Office of the President Rostislav Shurma, attended the meeting. From the Korean side, approximately 10 business representatives from KITA, Hyundai Engineering & Construction, Lotte Construction, POSCO International, Hyundai Engineering, Doosan Institute for Corporate Responsibility, and KAI participated.

"The Korean people sympathize with the suffering of the Ukrainian people caused by the war, and expressed hope that Korean companies, which achieved the successful post-war recovery known as the Miracle on the Han River, can play a significant role,” KCCI Vice Chairman Woo Tae-hee said.

Representatives from Korean companies who participated in the event said that the experience and technology of Korean companies in civil engineering and the field of construction can contribute to Ukraine's reconstruction projects.

They also expressed hope that Korean companies can demonstrate their capabilities in Ukraine's modernization through the restoration of social infrastructure, the construction of nuclear power plants and the development of smart cities.