LOC11:08
08:08 GMT
LONDON, May 22 (KUNA) - The UK and South Korea signed a memorandum of understanding (MoU) on Thursday to cooperate on reconstruction projects in Ukraine and other countries.
In a statement, the UK government confirmed that the agreement will enable joint British-Korean business ventures to expand into foreign markets in sectors such as healthcare infrastructure, clean energy, and smart cities, as well as transportation, water and sanitation management, sustainable infrastructure, and related technologies.
The agreement will also help launch joint projects between the two countries in Ukraine, specifically urgent projects to repair vital national infrastructure, including hospitals, housing, and power plants, it added.
The statement described the MoU between the two countries an important step towards strengthening economic and political relations, as stipulated in the Downing Street Agreements signed in 2023, in order to build on the strength of existing trade relations, which amount to 16.3 billion pounds sterling (about USD 22 billion) annually, supported by the free trade agreement between them. (end)
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