According to The Korea Economic Daily Global Edition,

South Korea is considering a plan of establishing a consortium with Poland, Germany, and Japan to help war-hit Ukraine re-establish foundations in the future, said the country’s land minister.

“Korea can create a consortium and engage in support projects by working with Poland, a neighboring country of Ukraine, and Germany, or Poland, and Japan,” said Minister of Land, Infrastructure, and Transport Won Hee-ryong, in an interview with Yonhap News Agency on Friday.

“In particular, Korea can join as a team when multilateral groups, such as the North Atlantic Treaty Organization (NATO), European Union, and Group of Seven, offer support,” Won said.

Won suggested potential models that Korea could use on its own - free aid, concessional loans, and public-private partnerships (PPPs).

Under public-private partnerships, Korean companies can make initial investments and subsequently yield operational profits over a period of 30 to 50 years.

“We need to take strategic approaches in the recovery projects to prepare for the time when Ukraine becomes a member state of the EU and build a reliable relationship with Korea,” Won said, adding that the first and foremost that Korea should do is to offer humanitarian aid.

The remark highlights the importance of aid in refugee camps and hospitals as well as education and training facilities for Ukraine’s recovery.

“Ukraine is especially looking forward to Korea’s support in job training and human resource development, where it has achieved high growth,” Won said, mentioning a plan to invite Ukrainian students, technicians, and officials to Korea for training programs.

During his visit to Poland last month, Won was briefed on the progress of the 5,000 ongoing business projects for Ukraine’s recovery, including urban development and reconstruction plans for industrial complexes.

“Based on the list of 5,000 projects, we found that Ukrainian municipalities and companies vary in the types of aid they look for,” said Won. “The vice-ministers from both sides share information and review the reconstruction plans via weekly virtual meetings.”

During the interview, Won also shared the commitment to provide support to Korean companies so that they are able to win project orders in Saudi Arabia.

Won will be on his third trip to Saudi Arabia this week as Hyundai Engineering & Construction Co. is poised to sign a contract with Saudi Arabia on the Amiral Project that is worth 6.4 trillion won ($5 billion).

The Amiral Project, a key project in the SATORP refinery complex, may become the largest single order a Korean company has ever won.

By Pulse





Source: The Korea Economic Daily Global Edition (Jun 19, 2023)