Ukraine, South Korea Launch Joint Business Council for Economic Cooperation
Ukraine and the Republic of Korea have launched a new format for coordinating economic cooperation through a joint Business Council, consolidating the agreements in a memorandum.
This was reported by the Ministry of Economy of Ukraine, CE Report quotes Ukrinform.
It is noted that on May 2, the Ministry of Economy of Ukraine and the "Ukrainian-Korean Business Council" (UKBC) Association signed a memorandum on coordinating cooperation between the two countries. The signing was attended by First Deputy Minister of Economy Oleksiy Sobolev and Chairman of the Board of the UKBC Association Roman Hryhoryshyn.
"The signing of today's memorandum is an important stage in coordinating our cooperation with the Republic of Korea on the principle of a ‘single window’. We seek to form long-term institutional cooperation through the UKBC, develop it as much as possible, and integrate the Korean private sector into strategic government initiatives. The intergovernmental partnership between Ukraine and the Republic of Korea allows attracting credit funds from the Korean Economic Development and Cooperation Fund (EDCF) to the Ukrainian economy," Sobolev noted.
According to the memorandum, the parties will cooperate in attracting investments in key sectors of the economy, supporting companies in the markets of both countries, introducing innovative technologies, and developing joint projects in the areas of digitalization, artificial intelligence, and green energy.
It is also planned to support the increase in bilateral trade volumes by facilitating access to the markets of both countries, providing logistical support for the export and import of goods, supporting joint research projects and scientific conferences, as well as projects of small and medium-sized enterprises with a focus on innovative approaches and sustainable development. It is planned to organize business forums and meetings to expand networking.
The Ministry of Economy and the Ukrainian Development Cooperation Agency will soon form a list of joint projects with the Korean Economic Development Fund (EDCF) and in the private sector. It is planned to create a dashboard of promising projects and develop a cooperation roadmap, as well as joint monitoring of all initiatives.
As reported, in June 2024, the Cabinet of Ministers approved the draft law of Ukraine on ratification of the framework agreement between the Government of Ukraine and the Government of the Republic of Korea on loans from the Economic Development and Cooperation Fund (EDCF) for 2024-2029.
