REUTERS
Ukraine's First Deputy Prime Minister and Minister for Economic Development and Trade Stepan Kubiv announces that South Korea is mulling over investment in the development of 4G and 5G wireless networks in Ukraine, according to the ministry's press service.
"Bilateral trade and investment by the Republic of Korea in Ukraine are not yet significant, and it's time to change this situation and develop effective cooperation. Especially, in the development of infrastructure for 4G and 5G in Ukraine. This is one of the most important priorities of the government and the Economic Development Ministry. And Korea is an acknowledged world leader in this field," Kubiv said at a meeting with Ambassador of the Republic of Korea to Ukraine H.E. Mr. Lee Yang-goo and representatives of the Korean investment corporation K-Growth.
The Korean side said in turn that it sees Ukraine's progress in reform and improvement in the investment climate.
Read alsoUkraine MP invites Korean investment"We see the progress of Ukraine on the way to improving the investment climate. We also understand that these changes will soon give a significant impetus to your country's economy and development. This will complement the benefits of Ukraine's strategic geographical location at the intersection of important transport routes, significant potential for industrial development, opportunities in the IT and hi-tech sectors, and extraordinary human resources. This is a strong signal for us to facilitate our investment in Ukraine," the press service quoted Soomin Park, the Alternate Director of the EBRD Office for Korea, as saying.
As UNIAN reported, the Cabinet of Ministers in December 2015 approved an action plan for the deployment of the 4G network in Ukraine, according to which a tender for the implementation of 4G technology is scheduled for December 2017.
The country's biggest domestic mobile operators – Kyivstar, MTS Ukraine (Vodafone brand) and lifecell – agreed on frequency re-distribution (refarming) in the 1800 MHz range for the introduction of 4G in Ukraine in 2018.
UNIAN memo. South Korea by the end of 2016 ranked fifth among Ukraine's trade partners from the Asia-Pacific region with trade turnover estimated at US$669 million. Ukraine exports engineering products, steel, textiles, and fish to Korea, while imports mainly industrial equipment, oil, iron ore, chemicals, and some types of food. As of January 1, 2017, some $207.7 million of Korean investment had been injected into Ukraine's economy. The growth of Korean investment in Ukraine in 2016 was estimated at $46.4 million.