London: The UK and South Korea have signed a memorandum of understanding (MoU) to collaborate on reconstruction projects in Ukraine and other nations.
According to Kuwait News Agency, the UK government confirmed that this agreement will facilitate joint British-Korean business ventures to expand into international markets, focusing on sectors such as healthcare infrastructure, clean energy, smart cities, transportation, water and sanitation management, sustainable infrastructure, and related technologies.
The agreement is also set to initiate joint projects in Ukraine, addressing urgent needs to repair vital national infrastructure, including hospitals, housing, and power plants.
The statement highlighted that the MoU is a significant move towards enhancing economic and political relations between the two countries. This is in line with the Downing Street Agreements signed in 2023, which aim to strengthen existing trade relations valued at 16.3 billion pounds sterling (approximately USD 22 billion) annually, underpinned by a free trade agreement.