Korea Water Resources Corp. (Kwater) celebrated its 50th anniversary on Nov. 16 in a ceremony held at the auditorium at its head office in Daejon with a declaration for its centennial plan to “make a brand new start.”
In his celebrative speech at the ceremony attended by executives and staff of the company and invited guests, President Lee Hak-soo said he expected conditions surrounding water resources are likely to change enormously and rapidly. He called for changes in the paradigm for water resources management in response to climate change. He asked everyone to be ready for changes in the water resources management structures of the water industry under the 4th Industrial Revolution based on reformed technologies.
The K-water CEO said he thinks a turning point for K-water will occur in the next five years, in which the company will lead the global water resources management.
He pointed out three key steps to put the centennial plan into action: First, make the growth base solid through structural reform to open a new chapter of growth.
Second, be a company enjoying the public’s trust by managing water resources effectively.
Third, be at forefront of creating social value shared jointly with all levels of society.
K-water has been doing a great job with its Water Business Open Platform, which helps create jobs by providing information on water and water management systems to SMEs so they can conduct tests on their new technologies related to water resources management around the country, especially tap water systems.
The Yusol Co. has been one of the beneficiaries. The company got three tap water supply systems for the Wan Islands in South Jeolla Province, and concluded tests for its technologies to prevent water leaks, which included the LTE Long Distance Water Leak Detection System and two other products.
The company sold products worth 1.5 billion won last year and hired eight new employees. K-water set up the Water Business Platform Center in July to help SMEs. The global water market is expected to grow 4.2 percent annually from $713.9 billion in 2016, much higher than the domestic water market’s 2.3 percent.
A study showed that a lack of technology was to be blamed for the low growth rate, with only K-water and Doosan Industrial Co. engage in the business as big operators and the rest made up of SMEs.
SMEs need opportunities to test their new equipment and technologies in order to grow in water management businesses, but they hadn’t been able to find enough opportunities, according to a survey conducted by K-water on SMEs and their water management businesses.
K-water expects to help boost the sale of SMEs by 100 billion won and create 1,070 new jobs through the Water Business Open Platform this year and 1.9 trillion won and 12,000 new jobs in the next five years.