"Korean Companies Expected to Become Partners in Ukraine's Energy and Transportation Reconstruction"

Martial Arts, 'Ukraine Reconstruction Business Dialogue' Held

Ukraine is expecting active participation from Korean companies in its reconstruction projects, particularly seeking partners in the energy, transportation, and IT sectors.

The Korea International Trade Association announced on the 16th that it held the ‘Ukraine Reconstruction Business Dialogue’ in Warsaw, Poland, jointly with the Ukrainian Chamber of Commerce and Industry and the Korea-Ukraine New Building Association. More than 50 participants attended, including Korean companies interested in entering Ukraine’s reconstruction projects such as POSCO International, Hyosung Heavy Industries, Korea Hydro & Nuclear Power, Hanjin, LS Group, and Hyundai Construction Equipment, as well as companies affiliated with the Polish Business Association, officials from the Ukrainian Chamber of Commerce and Industry, and Ukrainian companies.

Due to the war, there have been many changes in trade transactions. Previously, Ukraine’s logistics relied on the route entering Kyiv through Odesa (taking 35 to 40 days), but since the outbreak of the war, routes using land and rail through Gda?sk (taking 55 to 60 days) and land routes through Constan?a (taking 45 to 50 days) have been utilized. Regarding payment terms, before the war, advance payments accounted for 30 to 50%, but after the war, advance payments have decreased to 100%, and the transit time for goods has increased by about 15 to 25 days, resulting in higher logistics costs.

Hennadiy Chizhykov, Chairman of the Ukrainian Chamber of Commerce and Industry, stated, "We hope Korean companies will become partners in reconstruction projects in the energy, transportation, and IT sectors." Oleksandra Azarkina, Deputy Minister of Infrastructure of Ukraine, also said, “Korean companies possess expertise and competitiveness in transportation and infrastructure, renewable and nuclear energy, machinery, lithium mining, refining, water resources, and regional infrastructure development,” adding, “We expect active participation from Korean companies in Ukraine’s reconstruction projects, and the government plans to provide full support.”

According to Roman Hryhorishyn, former Chief Secretary of the Odesa Regional Government of Ukraine, 52 countries are currently participating in Ukraine’s reconstruction projects. More than 500 companies have declared their participation. He said, “Odesa plans to proceed with projects in infrastructure reconstruction, residential and commercial facility construction, and small and medium enterprise promotion in cooperation with overseas partners through the establishment of a reconstruction strategy. Odesa is a key gateway for Ukraine’s exports, requiring strategic investment in transportation infrastructure, especially urgent is the restoration of logistics capacity and enhancement of connectivity through transportation infrastructure development.”

As of June this year, the estimated direct and rapid damage recovery cost for Ukraine reaches $150.5 billion. Jeong Manki, Vice Chairman of the Korea International Trade Association, advised in his opening remarks, “To effectively promote Ukraine’s reconstruction projects, it is necessary to hold regular business forums, facilitate frequent meetings and communication among companies, build mutual trust, and share successful business experiences.”

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