On May 2, the Ministry of Economy of Ukraine and the Ukrainian-Korean Business Council (UKBC) Association signed a memorandum to coordinate cooperation between Ukraine and the Republic of Korea.
The official signing ceremony was attended by First Deputy Minister of Economy of Ukraine Oleksii Sobolev and Chairman of the UKBC Association Roman Hryhoryshyn.
The memorandum aims to actively support economic development and strengthen relations between Ukraine and South Korea. It envisions creating a favorable climate for attracting investors, establishing direct contacts between businesses, government institutions, and research organizations of both countries, and building a unified platform to coordinate cooperation between Ukraine and Korea.
“Today’s memorandum is an important step in coordinating our cooperation with the Republic of Korea under the ‘single window’ principle. We aim to build a long-term institutional partnership through UKBC, fully develop it, and integrate the Korean private sector into Ukraine’s strategic state initiatives. The intergovernmental partnership between Ukraine and Korea allows us to attract credit funding from the Korean Economic Development Cooperation Fund (EDCF) into Ukraine’s economy. Last year, we signed a five-year framework agreement worth $2.1 billion for Ukraine’s recovery projects, which marked the beginning of our practical cooperation. But we are also very interested in expanding this partnership, and today’s step is a key move in that direction,” emphasized First Deputy Minister of Economy Oleksii Sobolev.
The parties agreed to cooperate in the following areas:
- Promoting investment in key sectors such as industry, infrastructure, agriculture, and energy;
- Supporting Korean companies entering the Ukrainian market and vice versa;
- Implementing innovative technologies in production and management;
- Developing joint projects in strategic fields, including digitalization, artificial intelligence, and green energy;
- Supporting the growth of bilateral trade by facilitating access to both markets;
- Providing logistical support and creating favorable conditions for imports and exports;
- Supporting joint research projects and scientific conferences;
- Supporting joint projects for small and medium-sized enterprises, with a focus on innovation and sustainable development;
- Organizing business forums and meetings to expand networking opportunities.
In the near future, the Ministry of Economy of Ukraine and the Ukrainian-Korean Business Council plan to compile a comprehensive list of projects that could be implemented through bilateral cooperation, both with and outside EDCF involvement, especially in the private sector. The parties also agreed to jointly monitor the implementation of each initiative. A dashboard featuring the most promising projects is expected to be created, along with a roadmap outlining key areas of cooperation.
