Despite the global slowdown, Korea’s environmental industry exports grew 60 percent on-year to reach 515 billion won ($486 million) in 2012, according to official data released Thursday.
The expansion was driven by surging demand for eco-friendly products and technologies in both emerging and advanced economies, the state-run Korea Environmental Industry and Technology Institute said.
In 2012, Korea’s green export market, which had focused on Asia, expanded to the Middle East and North Africa, according to KEITI.
These new markets were pioneered by customized environmentally friendly development projects operated by the Korean government and the private sector in 2010.
The export growth was led by small and medium-sized technology ventures with the support of government bodies including the institute.
“The environmental industry market in emerging countries and China is a blue ocean that will post over 10 percent in annual growth for the next decade,” said Yoon Seung-joon, president of KEITI. “Therefore, if we convert 10 percent of our domestic green enterprises to exporting companies, we can create over 10,000 jobs overseas.”
By Lee Sang-ju (firstname.lastname@example.org