The New Year resolution of the South Korean government is to build a $12 billion green economy, fostering green technology and helping countries cut greenhouse gas emissions.
To meet its target, the country has just revised its environmental technology law and is set to draw up a five-year plan which aims to drive the expansion of the green technology industry.
The tiny country in the Asia Pacific wants to make billions of dollars by nurturing seven core environmental technologies, including advanced sewage and waste water disposal technology.
"The ministry is striving to establish environmental industrial complex in metropolitan areas, both in Honam and Yeongnam regions, in order to build infrastructure for the environmental industry and promote green technology", said Yoo Young-Sook, Minister of Environment, in an interview with the Korea IT Times.
These environmental industrial complexes will be built in Honam and Yeongnam at a cost of millions of dollars. In addition, as part of its goal Korea wants to develop green technology tailor-made to each nation depending on the region’s economy and regulations.
"Finally, we will find out more than 600 overseas prospective environmental projects in order to foster developing countries' plans to improve the environment, an international joint project to support local businesses, and feasibility studies, by 2017. By doing so, we plan to lead such projects to overseas exports of the domestic environmental industry", Young-Sook added.
Thanks to active investments, Korea’s environmental industry has seen an annual average growth of over 30 percent and domestic companies are increasingly being aided by the government to increase export.
"For example, J-E Tech received a financial support of KRW 960 million from the government during the 2006-2008 period and thereby succeeded in advancing into the Chinese market with its advanced technology to prevent air pollution", Young-Sook concluded.
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Narayan Bhat is a contributing editor for TMCnet. To read more of Narayan’s articles, please visit his columnist page.Edited by
Jamie Epstein
