Economic and Social Cooperation of Ukraine and South Korea

by Meifan Honcharuk
Monday, April 24, 2023
Economic and Social Cooperation of Ukraine and South Korea

The states will jointly increase sanctions pressure on Russia and develop opportunities for investment in Ukraine

The minister of the economy of Ukraine, Yulia Svyrydenko, and the co-chairman of the Intergovernmental Ukrainian-Korean commission on trade andecconomic cooperation Yong Song-dok held telephone negotiations. The topic of the conversation was the strengthening of cooperation between Ukraine and Korea and economic pressure on Russia.

Minister Svyrydenko reported that Korea included our country among the countries with high priority in terms of development financing.

"This allows us to receive funding from the Fund for economic development and cooperation, as well as to attract related grants from the Korea international cooperation agency. The total amount of funds can reach 3 billion dollars," Yulia Svyrydenko.

Korea has taken an unequivocal position on the side of peace, on the side of Ukraine, and does not stop at the path of sanctions pressure on Russia in order to force it to stop the war. As of today, Korea has banned the export of 798 of its goods and technologies to Russia, cut off business contacts with 7 banks of the aggressor country, and does not conduct business activities on the territory of this country. Ukraine insists that special attention should now be focused on dual-purpose goods that Russia can also use to wage war against Ukraine: various types of generators, aerospace products, etc.

Separately, the parties discussed restoring and strengthening commercial relations between the states. In 2021, the state turnover reached $994 million per year. And this mark can be surpassed by focusing on the agricultural sector.

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