: Ukraine offers Korea multifaceted cooperation

12:00 Jun. 14, 2016

Ukraine offers Korea multifaceted cooperation

The flag of South Korea is displayed against skyscrapers and businesses on Tehran Boulevard on March 23, 2013 in Gangnam-gu, Seoul, South Korea (Getty Images)

Kyiv and Seoul can deepen their ties in agriculture, engineering, IT

Ukraine and the Republic of Korea have great potential for mutual cooperation, and therefore Kyiv is ready to offer Seoul deeper cooperation in agriculture, engineering, space exploration and information technology.

This was stated by Ukraine's First Deputy Prime Minister - Minister of Economic Development and Trade Stepan Kubiv during the Ukrainian-Korean business forum.

"Our cooperation with Korea can be promising in agricultural exports, engineering, construction, tourism, IT investment", said Kubiv.

Read also Ukraine and Iran to boost cooperation in all areas

He said that Korea currently makes the fourth largest turnover among the Asia-Pacific region. Ukrainian exports to Korea amount to nearly USD 395 million, while trade surplus is about USD 10 million.

"The volume of Korean investments in Ukraine is USD 161 million," said Kubiv.

He stressed that these figures may be significantly increased.

"Ukraine is ready to offer a lot. We can make great progress in this cooperation. The important thing is that Korea considers Kyiv, Odesa, Kharkiv and Lviv (for implementing various platforms, including regional projects). We're talking about joint ventures and the development of a road map to be implemented," said Kubiv.

Read also Ukraine and U.S. ink Customs Mutual Assistance Agreement

Ukraine and Korea established their diplomatic relations in 1992. Currently, the two countries develop opportunities of signing of a strategic cooperation agreement. The contract is expected to be signed within two or three years. Certain provisions of the treaty will be discussed at the upcoming summit to take place this year.

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