South Korea and Poland on Thursday signed three memorandums of understanding (MOU) aimed at increasing cooperation in trade, infrastructure and reconstruction projects in Ukraine.
The MOUs were signed after a summit between South Korean President Yoon Suk Yeol and Polish President Andrzej Duda, on the occasion of Yoon's three-day official visit to the country.
The first MOU signed between South Korea's industry ministry and Poland's economic development ministry calls for a Trade and Investment Promotion Framework to promote cooperation on supply chains, develop joint business projects, remove trade barriers and increase exchanges among businesspeople, engineers and experts.
Poland is South Korea's biggest trading partner in Central Europe and the aim is to triple bilateral trade by 2030. South Korea's large business presence in Poland is led by Samsung Electronics Co., LG Electronics Inc. and LG Energy Solution Ltd.
The second MOU, signed between South Korea's land ministry and Poland's infrastructure ministry, calls for increasing cooperation on developing transport infrastructure in Poland and other parts of Central and Eastern Europe.
The third MOU, signed by South Korea's land ministry and Poland's point person in charge of overseeing the country's assistance for Ukraine, outlines measures to strengthen South Korea-Poland cooperation for reconstruction and development projects in Ukraine.
In particular, it calls for establishing a vice-ministerial consultation body in September to share information and seek joint projects for reconstruction in Ukraine.
In addition, the Korea Overseas Infrastructure and Urban Development Corporation plans to open an office in Warsaw and send staff to work on infrastructure projects.
The Ukrainian government has already requested South Korean business participation in around 5,000 reconstruction projects.
According to South Korea's presidential office, Ukraine's reconstruction will be a massive project worth as much as an estimated US$1 trillion or more.
Source: Yonhap News Agency