Won Hee-ryong: "Participating in Ukraine Reconstruction through Overseas Corporate Joint Ventures... Positive 'Talent Alliance'"

'Global Infrastructure Cooperation Conference (GICC) 2023' Held
"Korea, One Team Korea Credibility, One-Stop Service, and Speed Are Strengths"

The government has expressed its determination to expand its role by participating in Ukraine's reconstruction through joint ventures with overseas companies and launching pilot projects. It cited One Team Korea's credibility, one-stop service, and speed as Korea's competitive advantages.

Tadeusz Piotr Kosinski, Polish Minister of State (from left), Haider Mohammed Makia, Chairman of the Iraq National Investment Commission, Won Hee-ryong, Minister of Land, Infrastructure and Transport, Manuel Bonoan, Secretary of the Philippine Department of Public Works and Highways, and Pares Barreto Abdiel, Vice President of Panama Metro Corporation, are attending a press conference on the first day of 'GICC 2023' held on the 19th at the Grand Intercontinental Seoul Parnas in Samseong-dong, Seoul, engaging in a Q&A session with reporters. / Photo by Noh Kyung-jo

On the 19th, after the first-day session of the 'Global Infrastructure Cooperation Conference (GICC) 2023' held at the Grand InterContinental Seoul Parnas in Samseong-dong, Seoul, Won Hee-ryong, Minister of Land, Infrastructure and Transport, told reporters, "Korea operates as one team between the public and private sectors and can provide integrated business forms including defense, construction, and education. The project progress speed is three times faster than France and 1.5 times faster than Japan."

He added, "One Team Korea boasts trust to the extent that verification can be omitted in guarantees, funding, and risk sharing," and "companies, public institutions, and the government will work closely together."

Minister Won stated his policy to participate in Ukraine's reconstruction projects through joint ventures with overseas companies. He emphasized, "If we enter Ukraine through joint investments with Poland, Japan, Turkey, and others, we can mutually cross and expand the multiplier effect with financial institutions in those countries."

Since Ukraine's reconstruction projects are divided among several countries, various joint investments and partnerships are possible. In this case, a multilateral financial system will be created, and the risk is expected to decrease as more countries participate. Minister Won particularly said, "It is very encouraging that Poland is willing to guarantee almost the entire amount when partnering with its domestic companies."

In fact, Poland has volunteered to act as a bridge between Korea and Ukraine and hopes that more overseas companies will participate in Ukraine's reconstruction projects. Geographically close to Ukraine, Poland reportedly began guarantee activities three months after the outbreak of the war.

Tadeusz Piotr Ko?ci?ski, Poland's Minister of State, said, "Ukraine's reconstruction requires enormous resources, and there are limits to public funding alone. Private investment is necessary," adding, "Last week, the president signed an amendment to the government's export guarantee, allowing guarantees for companies not incorporated in Poland." Of course, conditions such as securing a certain equity stake apply.

Regarding this, he emphasized providing guarantees through the national trade insurance corporation (KUKE). Minister Ko?ci?ski said at the Ukraine Reconstruction Forum seminar, "Last year, we provided $1.5 billion in guarantees through KUKE," and "going forward, we have decided to provide some guarantees to companies cooperating with overseas partners according to national interests." He also mentioned that about 2,500 companies in Poland are interested in Ukraine's reconstruction projects.

The possibility of a talent alliance between Korea and Ukraine was also raised. It is judged that Ukraine, which needs living spaces and jobs, and Korea, which is experiencing serious population decline, can have a complementary relationship.

Minister Won explained, "Of Ukraine's approximately 40 million population, 15 million left abroad after the war, and about 10 million have returned. Many of the rest are in Poland, and some have gone to Germany and the UK," adding, "Young Ukrainians seeking jobs have high knowledge and skill levels, which can complement Korea's need for highly skilled personnel." He viewed forming a talent complement alliance in the aging era as something that can be done for future generations.

Meanwhile, the chairman of Iraq's National Investment Commission (NIC) also attended the event, drawing attention to the resumption of the Bismayah New City project. Haidiro Muhammad Makiya, NIC chairman, said, "Regarding the resumption of the Bismayah New City project, a special committee was formed after June," adding, "The committee recently completed and submitted its report, so progress is expected soon."

This project was awarded to Hanwha's construction division and aims to build more than 100,000 housing units and social infrastructure in the Bismayah area. Currently, the project is halted due to unpaid construction costs.

Minister Won added, "Iraq faces serious housing issues for its people after the war and is planning 15 new cities nationwide, not just Bismayah," adding, "Since the new government took office and achieved political stability, the project seems to be gaining momentum."

This content was produced with the assistance of AI translation services.