Hyosung announced on September 21 that the company will sign an MOU on supporting the overseas expansion of small and medium-sized enterprises (SMEs) in the water industry with K-water and 39 SMEs.
The MOU says that Hyosung will support SMEs’ overseas market entries such as participating in bids jointly with SMEs in the overseas water market, and will purchasing products from Korean SMEs to supply them to overseas sites such as those in China and Vietnam. The MOU includes the participation of small and medium-sized companies such as Tech One, Sam Jin Precision and Samsung Machinery, all of which produce materials and equipment for the water industry.
Through cooperation with the KOTRA, K-Water will help SMEs secure export competitiveness and technological power and increase their quality credibility by introducing a K-water certified brand. Through this, it is expected that Hyosung will be able to secure high-quality products to supply and SMEs will be able to expand sales and export records through export to overseas markets.
Hyosung Good Springs is a leading company in the Korean water industry such as seawater desalination and sewage reuse. The company is evaluated to have competitiveness in a range from products such as separation membranes and pumps to capabilities to build general water treatment systems such as design technology, construction ability and global networks. In particular, the company is strengthening its global competitiveness by carrying out a number of projects including the construction of desalination and water purification plants and pumping stations in Southeast Asia and the Middle East such as Bangladesh, Vietnam, Saudi Arabia and Iran where demand is growing fast due to a lack of water treatment infrastructure.
In the meantime, the escalation of a global water shortage is quickly turning the water industry into a 'blue gold ocean'. The world water market was estimated at US$713.9 billion in 2016 and is expected to arrive at US$834.1 billion by 2020.