Ukraine and South Korea have made progress in preparing for the signing of the Agreement between the governments of the two countries on financial support from the Economic Development Cooperation Fund (EDCF).

This topic became key during the telephone conversation of Yuliia Svyrydenko, First Deputy Prime Minister – Minister of Economy of Ukraine, with Yong Song-dok, Co-chair of the Korean part of the Bilateral Intergovernmental Commission.

EDCF is a Korean government fund that assists partner countries by providing financing for their industrial development and economic stability. 

Currently, the draft of the corresponding intergovernmental agreement is at the finalization stage, which will make it possible to attract financial assistance for our country.

“We are ready to start signing immediately after the completion of the relevant domestic procedures,” Yuliia Svyrydenko said.

Yong Song-dok promised to personally facilitate the fastest possible processing of the agreement from the Korean side.

The Minister of Economy of Ukraine also thanked the interlocutor for the support of our country and the assistance provided by South Korea during the war with the russian federation.

“Ukraine is thankful to the Korean side for participating in the Ukraine Recovery Conference held in Lugano. Today, it is extremely important to keep helping Ukraine as well as to deepen economic relations between the countries,” Yuliia Svyrydenko stated.

She emphasized that Ukraine was interested in the development of bilateral economic relations with partner countries, including the presence of domestic business in relevant markets and the implementation of initiatives on mutually beneficial terms.

“Despite the wartime conditions, we strive to continue to use the joint potential to expand cooperation and strengthen bilateral relations. We are ready to cooperate in various areas that are of mutual interest to Kyiv and Seoul,” Yuliia Svyrydenko noted. 

The minister also emphasized that Korean companies were known for their experience in the implementation of infrastructure projects and proposed to take part in the post-war reconstruction of Ukraine. She invited to join right now the investment opportunities that our country has now. 

Based on the results of telephone conversations, the parties agreed on the details of investment and business proposals in economic areas that are of mutual interest to Ukraine and the Republic of Korea.