The Republic of Korea is making every effort to expand its environmental market share and initiate more green projects nationwide.
The market share has been steadily growing year over year and was estimated at EUR 79.1 billion back in 2015.
Of this, the largest segment of 56% is resources recycling management, including waste management and water management.
Overall in the Environment & Water Technologies sector, there are several sub-sectors which could be particularly interesting for European companies dealing with wastewater treatment, air pollution control, waste management, recycling, soil prevention, noise protection, freshwater supply and other water solutions.
New wastewater treatment and desalinisation technologies are highly sought after in Korea, as well as wastewater management facility construction solutions that take into consideration climate hazards.
The potable water segment of the industry can also benefit from European solutions. Water purifiers are a staple in Korean households and make up for a share worth EUR 1.2 billion a year.
Another issue Korea is facing is air contamination. In 2015, the government launched an emission trading system (ETS) meant to reduce greenhouse gas emissions by 37% from 2030 business-as-usual levels.
In this climate of change, air pollution control solutions are therefore in high demand.
Waste management and recycling are also a focus for the Korean government. Despite new laws and fundamental changes regarding the way it approaches recycling, this segment of the industry is still behind modern advancements.
There’s an opportunity for European companies to bring cost-productive and technologically advanced recycling-centric solutions to the market, including through cooperation with local private companies or government-owned centres.
Soil remediation & restoration, noise prevention, and Waste to Energy (WtE) initiatives are also on the Korean environment and water agenda. European companies with projects revolving around these issues can find success in Korea.
The technological gap between European and Korean solutions opens new doors of opportunity for European companies focused on combatting these issues that are innovative and willing to adapt to the market needs.
Adaptability is a prerequisite of a successful launch in Asia.
Knowing how to customise solutions to fit the local demands, how to sell them, and overcoming the cultural and business barriers is what lies ahead for those brave European companies who venture in Korea.
A good partner can alleviate some of these burdens and provide an experienced viewpoint to newcomers.
EU Gateway | Business Avenues is the programme that takes the guesswork out of entering a new market.
It ensures participant companies are set to meet local business partners and clients that are pertinent to their trades.
It boils down to this: to maximise chances of success and rapid growth in Asia, capitalise on new opportunities. The logistical and financial support from a programme like EU Gateway | Business Avenues can make the difference between triumph and failure.
In 2020, another opportunity presents itself for up to 50 European companies who have a chance to be selected for a business mission to Korea.
Could your company be one of them?
Check out the requirements and mission details and send your expression of interest before 15 May 2020.