S. Korea to promote water management industry growth: PM

March 22, 2016

SEOUL (Yonhap) — South Korea will create a “national water industry cluster” by 2018 that can promote the growth of related companies and create more jobs, Prime Minister Hwang Kyo-ahn said Tuesday.

“The water industry cluster will serve as a stepping stone for local firms to expand overseas,” Hwang said.

The remarks were made during a ceremony held in the country’s second-largest city of Busan to celebrate World Water Day.

The global water industry is estimated at around US$100 billion, twice as large as the semiconductor sector and half as big as the oil industry, the top policymaker said.

“(We) should use the current water crisis as a groundbreaking opportunity to develop the industry,” Hwang said. “The government will expand investment in research and development so local companies can acquire the source technology to lead the water industry (down the line).”

Hwang also said the government is putting utmost effort into providing clean water to vulnerable sectors of society and setting up contingency plans to deal with drought.

“We will constantly upgrade the water supply infrastructure by replacing worn-out facilities,” he said.