The Korea International Trade Association (KITA) announced on Oct. 16 that it held a Rebuild Ukraine Business Dialogue in Warsaw, Poland, in collaboration with the Ukrainian Chamber of Commerce and Industry and the Korea-Ukraine New Building Association (KUNBA).
The event was held to discuss ways to cooperate in the reconstruction of Ukraine between Korean, Ukrainian, and Polish companies with the attendance of about 50 participants, including Jeong Man-ki, vice chairman of KITA; representatives of Korean companies and Polish companies; and officials from the Ukrainian Chamber of Commerce. The Korean companies included POSCO International, Hyosung Heavy Industries, KEPCO, Hanjin, LS, and HD Hyundai Construction Equipment. They showed significant interest in the reconstruction of Ukraine.
In their opening remarks, Oleksandra Azarkina, deputy minister for infrastructure of Ukraine, and Gennadiy Chyzhykov, president of the Ukrainian Chamber of Commerce and Industry spoke about the trends of reconstruction projects in Ukraine and ways to cooperate.
“As the war has continued for 19 months, major damage has occurred to housing, infrastructure, industrial assets, energy facilities, infrastructure and the transportation sector,” Jeong Man-ki, vice chairman of the KITA said in his opening speech. “As of June this year, Ukraine’s direct and immediate damage recovery is expected to cost US$150.5 billion in total.”
“For the effective implementation of the Ukraine reconstruction project, it is necessary to strengthen cooperation between three countries -- Korea, Poland, and Ukraine. The cooperation includes holding regular business forums to communicate with one another, building mutual trust, and sharing business success experiences.”
“Over the past year, the Ministry of Infrastructure of Ukraine has been working with the Korean government to discuss investment and cooperation with Korean companies in infrastructure reconstruction, and a lot of progress has been made,” Azarkina said. “Reconstruction projects require the participation of not only governments but the private sector. Korean companies have advanced technologies and experience in post-war reconstruction projects, which will be of great help to Ukraine.”
“Korean companies have expertise and competitiveness in transportation and infrastructure, new and renewable and nuclear energy, machinery, lithium mining, oil refining, water resources, and regional infrastructure construction,” Azarkina added. “We look forward to the active participation of Korean companies in the reconstruction of Ukraine, and the Ukrainian government will spare no effort to make the project a success not only in humanitarian terms but also in business terms.”
“The Ukrainian government has been attracting foreign direct investment through the Advantage Ukraine Program since 2022 and is providing information on reconstruction projects in Ukraine through the Digital Restoration Ecosystem for Accountable Management (DREAM),” Chyzhykov said. “We hope that Korean companies will become partners in reconstruction projects in the energy, transportation, and IT sectors.”
“Currently, 52 countries are already participating in the reconstruction of Ukraine, and more than 500 companies have declared their participation in the reconstruction project,” said a former high-ranking official of Odesa Oblast, Ukraine. “Through the reconstruction strategy, Odesa Oblast plans to work with foreign partners to rebuild infrastructure, build residential and commercial facilities, and promote small and medium-sized enterprises,” he said.
“Odesa Oblast is a key route for Ukrainian exports, and strategic investments in transportation infrastructure are needed to restore logistics capacity and strengthen connectivity,” he added. “In particular, various projects are being planned and implemented, such as the creation of an agricultural park to expand grain cultivation and grain exports through Odessa Port,” he said, calling on Korean companies to participate in the project. Grain is Ukraine’s main export.