Why this is important to Wisconsin businesses: The trend presents opportunities for Wisconsin companies.
The South Korean government is focusing on developing the country’s water sector, with support for this development coming from the chemicals sector. The water purification subsector is growing especially fast, with support from both the government and the chemicals sector.
South Korea is developing a water cluster in and around Daegu, and at the World Water Day celebration, Prime Minister Kyo-ahn Hwang said that the government would expand investment in research and development to support the development of original water technology innovations.
Chemical companies learned early on the importance of water technology, and have ventured into the sector, for example, by making water purification filters. LG Chemical first started its business in water purification in 2014, and began commercial production at Chungbuk Cheongju factory in 2015.Lotte Chemical, Hyosung Group and Kolon Industries have also announced that they will be entering the water purification industry. Other notable companies that have entered the water sector in South Korea include GS Engineering & Construction and Doosan Heavy Industries & Construction.
As South Korea’s government emphasizes the water industry as a strategic industry, and as the industry is forecast to grow further, Wisconsin companies should explore opportunities to cooperate.