Hyosung “Support small-to-middle size businesses in entering overseas water markets.”
Hyosung Goodsprings (the “Hyosung”) supports small-to-middle size businesses of the water industry to enter overseas markets.
On September 21st, Hyosung announced its execution of MOU to support 39 small-to-middle size businesses in entering overseas markets with K-Water at Gyeongju Hwabaek International Convention Center.
The newly executed MOU includes joint efforts to help small-to-middle size businesses entering the international market by joint-tender in overseas water industry projects, and purchasing products of domestic small-to-middle size businesses for Hyosung’s international posts in China, Vietnam and other markets. Suppliers of products for the water industry including Techwin, Samshin Precise Engineering, Samsung Machinery Processing are participants of the MOU.
K-Water will provide technical competence and export competitiveness to small-to-middle size businesses through collaboration with KOTRA, and will enhance product reliability by introducing a K-Water certification brand. With these efforts, Hyosung will secure sourcing of high-quality products, and the small-to-middles size businesses will benefit from the increased revenue from exported goods and earn the reference of overseas business.
Hyosung Goodsprings is the leading player of the domestic water industry for its desalination business and brackish water business, by providing individual appliances such as membrane filtration and pumps to an overall water treatment system including engineering, construction and global network, and is recognizes as a strong competitor in the global market. Hyosung Goodspring’s reputation and global competitiveness is gaining its due respect in the global market through tis projects in Bangladesh, Vietnam, Saudi Arabia, and Iran, which all lack of water treatment infrastructure.
The water industry is emerging as a blue-gold ocean since the recent global shortage of water. As of 2016, the global water industry market is estimated to be 713.9 billion USD (approx. 807 trillion KRW), and is expected to grow up to 834.1 billion USD (approx. 943 trillion KRW) until 2020.