Ukrainian Prime Minister has urged South Korea`s businesses to invest in the Ukrainian economy

Ukrainian Prime Minister Volodymyr Groysman has urged South Korea`s businesses to invest in the Ukrainian economy, pointing to large potential for deepening bilateral cooperation.

”[Korean] investment in Ukraine amounts to US$161 million, bilateral trade is estimated at US$714 million. It is necessary to emphasize here that for both countries with huge potential these figures are quite minimal and do not match our capacities,” Groysman said at a meeting with representatives of the Korean government and businesses.

”I would like to take this opportunity and encourage you, dear colleagues, to deepen our cooperation both in trade relations and investment, particularly in the economy of Ukraine,” Groysman said.

The prime minister also stated Ukraine could offer high-quality projects for investment, along with mechanisms of investment promotion and investor protection.

At this, South Korea`s Deputy Foreign Minister for Economic Affairs Lee Tae-ho, who was present at the meeting, agreed that Kyiv and Seoul could and should intensify the bilateral relations.

Lee Tae-ho also pointed to the dynamics of the Ukrainian economy`s development and said that investment and trade cooperation between the two states was below the potential. He called on governments of both states to enhance cooperation.

The Korean delegates` visit is connected with the Ukrainian-Korean business forum in Kyiv, as well as the third high-level meeting of the intergovernmental group.

Korea is Ukraine`s major important partner and implements energy, transport and education projects jointly with a number of Ukrainian companies, including state-owned entities.

Kyiv is also ready to develop cooperation with the Republic of Korea in agriculture, engineering, outer space exploration and information technology.

UNIAN memo. Diplomatic relations between Ukraine and Korea were established in 1992. Currently, the countries are working on signing an agreement on strategic cooperation. The document is expected to be signed within two to three years.

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