On Monday, June 29, in Seoul, Ukrainian Foreign Minister Andrii Sybiha, as part of his visit to the Republic of Korea, took part in a roundtable discussion with representatives of leading Ukrainian and Korean companies, which was held at the Korea Overseas Infrastructure & Urban Development Corporation (KIND).

This is the first visit by a Ukrainian foreign minister to the Republic of Korea in 11 years.

Andrii Sybiha noted that trade between Ukraine and the Republic of Korea is showing positive growth: last year, it exceeded $1.3 billion and surpassed the 2021 figure—the last year before the start of the full-scale Russian invasion. According to the minister, this is evidence of the significant potential of the Ukrainian-Korean economic partnership.

Given that the Republic of Korea is the world’s 11th-largest economy by GDP and has a high level of development in technology, industry, renewable energy, and the defense industry, Ukraine is particularly interested in deepening cooperation with this country.

The minister outlined the key areas of greatest interest to Ukraine. These include energy, security, infrastructure and logistics development, as well as the recovery and reconstruction of Ukraine.

Andrii Sybiha emphasized that Ukraine is interested in expanding cooperation in the field of nuclear energy, particularly with regard to creating new generating capacity, enhancing safety, and implementing innovative technologies. The Ukrainian side is also open to implementing joint projects in the areas of renewable energy, the hydrogen economy, and the modernization of power grids.

“Due to the war and constant Russian attacks, we were forced to carry out a large-scale decentralization of the power grid. As a result, Ukraine now has one of the most resilient energy systems in the world and is ready to share this experience. In addition, Ukraine has the largest underground natural gas storage facilities in Europe. All of these advantages can be utilized by your companies,” he noted.

The Foreign Minister emphasized that the reconstruction of Ukraine’s transportation infrastructure opens up broad opportunities for Korean businesses in the fields of railway infrastructure, seaports, highways, urban development, and modern logistics.

“Ukraine is becoming increasingly integrated into global logistics chains, and the Republic of Korea has unique expertise in this field. We aim to translate this experience into joint practical projects in Ukraine. A solid foundation for this is the $2.1 billion loan program under the Economic Development and Cooperation Fund (EDCF),” he emphasized.

Andrii Sybiha also noted the significant potential for cooperation in the agricultural sector, particularly in the field of high-tech agriculture using unmanned technologies.

“Ukrainian agricultural products are of high quality and competitively priced. This also benefits Korean consumers. We are open to developing such cooperation,” the minister said.

The foreign minister emphasized that upon Ukraine’s accession to the European Union, our country will automatically join the Free Trade Agreement between the EU and the Republic of Korea. At the same time, until then, Ukraine is interested in developing the legal framework and expanding trade with the Republic of Korea, particularly through the conclusion of an economic partnership agreement or the introduction of preferential trade regimes for certain categories of goods.

“I am convinced that security cooperation in our bilateral relations will soon reach a new level. The Ukrainian defense industry is currently one of the most dynamic in the world. We possess unique unmanned technologies, proven in real combat conditions, which also have significant potential for civilian use,” the minister emphasized.

Andrii Sybiha thanked representatives of the Korean business community for their support of Ukraine and their interest in developing bilateral cooperation. The minister emphasized that Ukraine highly values the Republic of Korea’s role in the international coordination of donor assistance to Ukraine within the G7+5 framework, as well as its consistent support for the development of Ukraine’s healthcare system, particularly through the activities of the Korea International Cooperation Agency (KOICA).

The Foreign Minister proposed holding a business forum in Ukraine in the near future with the participation of leading Ukrainian and Korean companies.

Representatives from the Korean side who participated in the meeting included representatives of KIND; the Korea National Railroad; the Korea Railroad Corporation; POSCO International; Hyundai Engineering; SsangYong Engineering & Construction; and Dohwa Engineering. Representatives from Ukrnafta, Energoatom, Naftogaz, the Danube Shipping Company, the Federation of Employers of Ukraine, and MHP participated on the Ukrainian side.

For reference: Korea Overseas Infrastructure & Urban Development Corporation (KIND) is a specialized state-owned corporation of the Republic of Korea, established in 2018 under the auspices of the Ministry of Land, Infrastructure, and Transport (MOLIT).

Its primary mission is to proactively support, finance, and coordinate the participation of Korean companies in large-scale international public-private partnership projects in the fields of infrastructure, energy, and urban development.

For partner countries, KIND serves as a key financial and expert resource, enabling them to leverage advanced Korean technologies and capital for the development of critical national infrastructure.