Wednesday, December 20, 2017

The time has come for Koreans to invest in Ukraine

By Lee Yoon-joo
The Korea Herald


What do Koreans know about Ukraine? Perhaps, some still remember a breathtaking triumph of Ukrainian athlete Sergey Bubka at 1988 Summer Olympics in Seoul. Those into football probably know Andrei Shevchenko, a “Golden Ball” winner and legendary striker for Milan and Chelsea. Some Koreans probably think of Ukraine as a mysterious country in Europe, with the most beautiful women in the world.

Of course, there is a lot more to Ukraine waiting for Korean people to discover. Take, for example, Ukrainians’ constant aspirations to reach far beyond Earth. Starting with George Gamow, born in Odessa, who proposed a physical model of the Universe origins known as the “Big Bang,” and continuing with the first turbo-jet engine that was developed by Ukrainian scientist Arkhip Lyulka from Kiev Polytechnic Institute.

Ukraine has always been at the forefront of the world’s most cutting-edge airplane and space program efforts. Everyone in the world knows about the jumbo Antonov-225 Mriya airplane, originally developed for the space program. The airplane is capable of lifting the record-breaking 253,800 kilograms and is nowadays used for super heavy cargo transportation.

Another Ukrainian who truly deserves recognition as a front-runner of human space exploration is Sergey Korolyov. Born in Zhitomir, Ukraine, Korolyov is sometimes referred to as the “father of modern astronautics.” He engineered and made possible the launch of the first satellite Sputnik, as well as the first human being in space.

Down on Earth, Ukrainians worked hard to advance humanity into a technological era. Numerous fundamental discoveries in physics, mathematics, medicine, and electronics have been made by Ukrainian scientists. Ukrainians have pioneered in computers industry, both hardware and software. MESM, the first computer in Europe, was built in Kiev in 1948. As computers became more popular, Ukrainians made technology more accessible for people. For example, the Ukrainian company PocketBook is one of the world’s largest manufacturers of electronic readers based on the E Ink (“electronic paper”) technology. World-famous software companies, such as PayPal and WhatsApp, and many others, have Ukraine-born founders.

But what if we turn around, and explore what does an average Ukrainian know about Korea? One of the Four Asian Tigers, the Miracle on Han River, the home of world-famous innovators such as Samsung, Hyundai, LG, and global events such as 2002 FIFA World Cup and Winter Olympics 2018. Perhaps, considering that Ukraine’s national football team did not qualify for 2018 FIFA World Cup, many Ukrainians will cheer for the Korean national team. Ukrainians welcome and enjoy Korean traditional culture, its food, music, fashion and architecture. Popular Korean restaurants in Kiev serve authentic Korean food and drinks. K-Pop stars visit Kiev for concerts, gathering huge crowds. Ukrainian TV channels broadcast Korean drama for Ukraine’s 45 million strong audience. Kiev residents spend their weekends at a recently opened Korean traditional garden, immersing themselves into a Korean spirit.

Everyone knows that the Yuzhnoye design office and Yuzhmash, world’s leading manufacturers of space rockets, are in full compliance with the Missile Technology Control Regime. Also, the European Vega light-class launch vehicle was made in Ukraine, and was successfully launched from the Kourou Space Center in French Guiana, delivering two satellites for the Israel Aerospace Industries into orbits. Since the Vega program began, Ukraine has helped deliver 25 satellites into space, for 19 customers. In fact, Yuzhnoye and Yuzhmash helped launch the modernized launcher Antares from the Space Flight Facility on the Wallops Island, Virginia, successfully delivering cargo to the International Space Station.

In 1992, the Embassy of the Republic of Korea was opened in Kiev. Soon after, the Embassy of Ukraine began its activities in Seoul. Since the establishment of diplomatic relations between our states, we have made considerable efforts to build deep cooperation in areas of mutual interest.

Air and Space

As already mentioned, Ukraine is famous for its aerospace engineering industry, as it possesses a full cycle of aerospace hardware engineering and production. At the same time, Korea aspires to become a space nation, and recently succeeded in its advance into space. In fact, the Korea Aerospace Research Institute and the Yuzhnoye design office have already cooperated on the launch services: From 2013 to 2015, Dnepr rockets have successfully delivered Korean satellites to orbit.

Another legendary Ukrainian airspace company is Antonov. The company has designed more than 100 passenger, cargo and special-purpose airplanes, with over 22,000 of them used by 55 countries. With more than 70 years of experience in airplane design, engineering, manufacturing, sales and even operation, it is ready to work with Korean partners to usher in a new era in aviation. Co-developing the brand-new NATO-compliant An-148 marine patrol airplane, and even delivery of super large cargo using the record-breaking An-124 Ruslan and An-225 Mriya - all of these opportunities are fully available to Korea. In addition, Antonov is open to consider Korean-manufactured parts and systems for its products.

For over 70 years the Ivchenko-Progress design bureau is developing and manufacturing aviation gas turbine engines for a wide range of purposes and applications, such as ground use or aviation. The experimental research complex of Ivchenko-Progress SE enables the development of 300-15,000 horsepower turbo-jet engines with a thrust of 500-50,000 kilonewtons. The company is open to cooperation with Korean partners who are interested in turbine engines.

Agriculture

Ukraine has long been called the “breadbasket of Europe” for its fertile black soil, perfect climate and landscapes for agriculture. Korean companies are actively participating in development of Ukraine’s agricultural potential. For example, Posco Daewoo and the Ministry of Agrarian Policy and Food will jointly upgrade agricultural machinery in Ukraine for small and medium-sized farms. The company will also build grain elevators in Ukrainian ports, as grain exports continue to be a very popular commodity in international markets. The potential of Ukraine’s agriculture, however, is far from being fulfilled, so Korean agritech and agriculture companies are more than welcome to explore opportunities in Ukraine and take advantage of the world’s most fertile soils.

Technology

Korean companies are successfully developing and selling their products in Ukraine. For example, Samsung Electronics operates the R&D center that employs more than 1,000 Ukrainians. Ukraine, on the other hand, is a leading software engineering country, with a total market value of over $2 billion. Ukrainian software engineers are among the best in the world. This year the Korean National IT Promotion Agency selected the Ukrainian-founded Cards out of over 1,500 worldwide for “K-Startup Grand Challenge 2017,” a governmental support program. Cards is developing “andCards,” the software service that helps foster networking culture and build community at coworking centers.

The time has never been better to invest in Ukraine, and to cooperate with Ukrainian companies. Asian investors have already been actively investing in Ukraine. For example, the Japanese electric equipment manufacturer Fujikura is opening its second factory in Ukraine. Chinese construction companies are building ports and metro lines throughout Ukraine. Various Chinese companies have already invested more than $7 billion in Ukraine.

Tempered by the past, both Korea and Ukraine are emerging as a new type of nations: more united, competitive and creative. Enthusiastic about technology, and rooted into tradition, both countries can combine their best achievements of past and present to reach extraordinary heights. The time has come for Korean businesses and investments to come to Ukraine, to work with Ukraine, and to create new growth engines between our countries.

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