Second Marshall Plan
Lotte Construction and Hyundai Engineering have shown interest in Ukraine's post-war reconstruction and petrochemical projects.
On May 16, the Ukrainian Ministry of Economic Development announced during the Korea-Ukraine Future Cooperation Meeting held at the Chamber Lounge of the Korea Chamber of Commerce and Industry in Seoul, that Lotte Construction and Hyundai Engineering expressed their interest in the reconstruction and petrochemical projects.
Around ten representatives from Korean companies, including the Korea Chamber of Commerce and Industry, Hyundai Construction, Lotte Construction, POSCO International, Hyundai Engineering, Doosan Research Institute, and Korea Aerospace Industries gathered at the meeting.
The event was organized by the Korea Chamber of Commerce and Industry to discuss the possible involvement of Korean companies in the post-war reconstruction projects in Ukraine. The event invited Yulia Svyrydenko, the Ukrainian Deputy Prime Minister and Minister of Economy, who is currently visiting Korea.
The recent reconstruction project in Ukraine is often referred to as the second Marshall Plan. The project focuses not only on the restoration of basic infrastructure, but also on the construction of infrastructure that could propel Ukraine's future development.
Oleksandr Gryban, the deputy minister of economy, stated during the meeting that, "The three main goals of the Ukraine reconstruction project are to strengthen resilience, promote recovery, and modernization." He added, "The scale of the reconstruction project could reach up to $893.2 billion and is expected to be carried out over a period of 10 years."