Sandwich Panel Leader SY, Entering Ukraine Modular Housing Business?

Heading to Poland to Attend Ukraine Reconstruction Forum
Hyundai Engineering and Construction Industry Reviewing Modular Housing Business

The Russia-Ukraine war, now entering its 15th month, shows no signs of ending soon, but major countries and companies are jumping into Ukraine's reconstruction efforts. Since the Ukrainian government has declared that it will compensate companies that take the risk and enter Ukraine first, there is a push to move as quickly as possible. According to the Ukrainian government and the European Investment Bank (EIB), the cost of the Ukraine reconstruction project, dubbed the "21st Century Marshall Plan," is estimated to be around $750 billion to $1 trillion (approximately 1,000 trillion to 1,300 trillion KRW).

Domestic companies are focusing on power plants, housing, and road sectors. Hyundai Engineering & Construction has agreed with the U.S. nuclear company Holtec to build SMRs (Small Modular Reactors) in Ukraine and signed a cooperation agreement with the Ukrainian Nuclear Energy Agency at the end of last month. Hyundai Engineering & Construction and Holtec plan to build 20 SMRs (160 MW class) by 2029 and produce necessary parts locally.

The construction industry, including Hyundai Engineering, is reportedly reviewing modular (prefabricated) housing projects. Doosan Enerbility (formerly Doosan Heavy Industries & Construction), a plant company, has started reviewing projects related to power facility restoration. A company official said, "We regard the Ukraine reconstruction project as an important overseas business and are preparing strategic plans at the company-wide level."

Our government has also stepped up support. Land, Infrastructure and Transport Minister Won Hee-ryong will visit Poland for a 3-day, 2-night trip starting on the 21st to meet with senior Ukrainian officials and discuss cooperation plans for reconstruction projects. Recently, the government agreed with the Ukrainian government to provide reconstruction funds using the Economic Development Cooperation Fund (EDCF).

An official from SY, the domestic market leader in sandwich panels, also headed to Poland to attend the Ukraine Reconstruction Forum. SY is conducting modular construction projects based on its panel manufacturing expertise. Modular housing projects are expected to become a major business in the Ukraine reconstruction process. In an interview with domestic media last July, Irina Vereshchuk, Ukraine’s Deputy Prime Minister and Minister for Reintegration of Temporarily Occupied Territories, said, "We would like to request support from Korea for modular housing construction."