Business news from Ukraine

South Korea’s incumbent president’s party leads in polls ahead of election

The ruling party of South Korean President Yun Seok-yol “People’s Power” is leading in popularity according to the results of a public poll ahead of the parliamentary elections scheduled for April, Western media reported citing data from a survey by the Gallup Korea organization.

Thus, according to the survey, about 37% of voters are ready to support the “People’s Power”, while 29% intend to vote for the main opposition Democratic Party. The third most popular among South Koreans is the Korea Innovation Party – it has 12%. This is a new party, it was created by politician Cho Guk, who served as Minister of Justice under President Moon Jae-in.

The poll was conducted by Gallup Korea organization among more than 1 thousand people.

Parliamentary elections in the country are scheduled for April 10.

Earlier, the Experts Club analytical center and Maxim Urakin presented an analytical material on the most important elections in the countries of the world in 2024, more detailed video analysis is available here – https://youtu.be/73DB0GbJy4M

Subscribe to the channel here: https://www.youtube.com/@ExpertsClub

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Xi Jinping may visit South Korea

Chinese President Xi Jinping will seriously consider a visit to South Korea, he said before the opening of the Asian Games on Saturday, Yonhap reported, citing a senior official.

“This means that President Xi knows it is his turn to visit South Korea,” the official said on condition of anonymity, adding that Xi’s visit has been “long delayed.”

Xi Jinping last visited South Korea in 2014. President Yun Seok-yol extended an invitation to Xi Jinping during a meeting on the sidelines of the G-20 summit in Bali, Indonesia, in November 2022.

It is planned that the visit could take place as part of efforts to bring peace to the Korean Peninsula.

According to Yonhap, citing a South Korean senior official, Xi Jinping also said that China appreciates Seoul’s efforts to resume the long-suspended annual trilateral summit between South Korea, China and Japan and that Beijing welcomes the trilateral summit at an appropriate time.

It is noted that the trilateral summit was last held in 2019.

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South Korea to send two mine-clearing machines to Ukraine

South Korea will send two K600 Rhino mine-clearing vehicles of its own production to Ukraine, the Korean daily Chosun Ilbo reported on Friday.

“The Rhino is a domestic minesweeper that either clears the rear or clears paths through a minefield on the front line. Although it is not a lethal weapon, it is the most military equipment that South Korea has sent to Ukraine so far,” the statement said.

During a bilateral meeting at the G7 summit in Hiroshima, Japan, in May, South Korean President Yun Sook-yeol promised Ukrainian President Volodymyr Zelenskyy to send non-lethal equipment and provide assistance in post-war reconstruction. During a visit to Ukraine in July, Yun reiterated his promise to send more mine detectors and land minesweepers.

“Recently, the government decided to send two minesweepers to Ukraine as soon as possible, in addition to the previously delivered batch of used minesweepers… This follows an urgent request and promise from President Yun Seok-yol to support Ukraine,” a government source told the newspaper on Sunday.

The government made the decision after North Korean leader Kim Jong Un met with Russian President Vladimir Putin, during which the two sides are believed to have signed arms deals.

At the same time, fearing Russia’s reaction, the South Korean government will ask Ukraine to use the vehicles only for humanitarian operations, the report said.

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Ukraine to receive $2.3 bln from South Korea for post-war reconstruction

South Korea will provide Ukraine with $2.3 billion for post-war reconstruction: an initial $300 million in 2024 in humanitarian aid and the rest in low-interest loans from 2025, South Korean President Yun Suk-yeol said, South Korea’s Yonhap news agency wrote.

“South Korean President Yun Suk-yeol on Sunday pledged to provide Ukraine with an additional $2.3 billion to help the country restore peace and recover from its war with Russia. Yoon announced the pledge during a session at the G20 summit in New Delhi, saying South Korea will provide an initial $300 million in 2024 in humanitarian aid and the remaining $2 billion in long-term aid – low-interest loans through the Economic Development and Cooperation Fund (EDCF) starting in 2025,” the agency said.

“This will demonstrate our responsible role as a global pivot power in leading assistance to restore peace in Ukraine and lay the foundation for our full participation in Ukraine’s reconstruction,” Yoon Seok-yeol said.

As previously reported, Seoul earlier increased the amount of financial assistance to Ukraine under the state budget to $393 million in 2024.

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U.S. and South Korea begin large-scale drills

South Korea and the United States began major joint military drills on Monday to bolster military readiness amid heightened tensions over North Korea’s missile tests and tougher rhetoric toward allies, Renhap news agency reported.

The annual Ulchi Freedom Shield (UFS) exercise, “based on a total war scenario,” will include “contingency” drills, computer simulation-based command post drills, parallel field exercises and civil defense drills. They will continue until August 31.

According to a spokesman for the Joint Chiefs of Staff of the South Korean Armed Forces, about 30 joint allied field training exercises are planned during the exercise period.

He stressed that the exercise is “designed as a tough and realistic training to strengthen the alliance’s joint defense posture and response capabilities based on scenarios reflecting various security threats.”

In addition to South Korean and U.S. participants, personnel from nine member countries of the United Nations Command (UNC), (a joint multinational military command established in 1950 to support South Korea): Australia, Canada, France, Britain, Greece, Italy, New Zealand, the Philippines and Thailand, will join the exercise, Renhap reported.

The agency noted that the South Korean military is stepping up its preparedness for possible military action by Pyongyang during the drills, as the DPRK has consistently called the U.S.-South Korean exercises a rehearsal for an invasion of North Korea.

South Korean intelligence agencies told parliamentarians last week that “the North is preparing various provocations during the joint drills, such as launching an intercontinental ballistic missile,” according to the report.

The agency said the CTAC report that North Korean leader Kim Jong-un inspected the 2nd Guards Division of surface ships of the Korean People’s Army Navy’s Eastern Fleet Eastern Fleet and observed missile launches was “a clear expression of protest against the drills.”

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Zelenskyy: Ukraine and South Korea may jointly produce lithium batteries

Ukrainian President Vladimir Zelensky has spoken in favor of developing economic relations with South Korea and called for allowing the delivery of Korean anti-aircraft systems to Ukraine.
“Given the resources Ukraine has and the technology Korea has, I believe we can achieve great results in the field of lithium batteries,” he said in an interview with Chosun Ilbo.
“We are trying to rebuild the country by learning from Korea’s experience in the ruins of war and combining it with our own experience. We can cooperate a lot in security and defense, advanced technology and cyberspace, and in the process of rehabilitating our people after the war. We are also very interested in cooperation in the field of green energy. Given Ukraine’s resources, Korea’s large reserves and technological capabilities, I think the field of lithium batteries is very promising. After lithium extraction in Ukraine, it’s possible to produce related products. We have lithium production capacities from the time of the former Soviet Union,” he also said.
In addition, Zelensky noted assistance to Ukraine in terms of demining. “Currently, about a third of Ukraine’s territory is covered with anti-personnel mines. Thousands of farmers, civilians and children have been killed or disabled because of Russian anti-personnel mines. Mine clearance equipment is one of Ukraine’s most important defense systems that saves lives. The demining equipment that South Korea has decided to provide will save the lives and health of countless farmers and children,” Zelensky said.
The president also called for assistance to Ukraine with deliveries of anti-aircraft systems. “We know that there are several restrictions on arms support. However, I believe that Korea’s principles should not apply to defense systems and equipment to protect energy systems. Air defense systems are purely defensive equipment, not weapons. There must be a “sky shield” to rebuild Ukraine. We sincerely hope that Korea will support us in this area. Besides, there is an early warning system for Russian air strikes, which also needs help from South Korea,” the president said.

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