SEOUL, Feb. 8 (Yonhap) — South Korea's Ministry of Economy and Finance said Thursday that it has agreed with the United Kingdom to start an investment cooperation dialogue, as the two countries seek to expand bilateral ties.
The ministry stated that First Deputy Finance Minister Kim Byung-hwan signed the memorandum of understanding with his British counterpart, Lord Dominic Johnson, during their meeting in London on Wednesday (local time).
Kim said in a statement that the dialogue will pave the way for creating a favorable investment environment by offering opportunities to companies and financial institutions from the two countries.
On the sidelines of the event, the two countries also signed an agreement for the Knowledge Exchange Program, which focuses on sharing South Korea's economic development experience with its partners.
During his trip to London, Kim also pledged to contribute $50 million to a European multilateral bank's Special Crisis Fund to support Ukraine's reconstruction.
Kim signed the letter of intent with Jurgen Rigterinck, First Vice President of the European Bank for Reconstruction and Development, making South Korea the fourth-largest contributor to the Special Crisis Response Fund administered by the bank, after the United States. Norway and the Netherlands.
The latest contribution came at a time when the South Korean government pledged to contribute $2.3 billion to the reconstruction of Ukraine.
Kim pledged to implement additional reconstruction projects in Ukraine, using South Korea's Economic Development Cooperation Fund (EDCF).
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