The Ministry of Environment (Minister Han Wha-jin) announced that it has designated 10 promising small and medium-sized water companies to lead the global water market as ‘Innovative Water Companies’ in 2024.

‘Designation of Innovative Water Companies’ is a support program aimed at nurturing water companies with excellent R&D, export performance, and innovation potential for future growth as global leading water companies. Designated companies will receive close support throughout the entire cycle of innovation technology development, commercialization, and overseas expansion over a period of five years. Starting from the first term in 2020, 10 companies are designated each year, totaling 50 companies designated by this year.

This year, for the fifth round of designation of innovative water companies, 40 promising export companies with sales and export revenue, as well as overseas certification achievements, applied. After undergoing four stages of in-depth evaluation, including written evaluation, presentation evaluation, comprehensive evaluation, and review by the Water Industry Technology Evaluation Committee, 10 companies were selected over a period of approximately two months.

※ Application requirements (Article 13 of the Act on Development of Water Management Technologies and on Promotion of Water Industry): Small and medium-sized water companies that meet two or more of the following three criteria over the past two years: a ratio of R&D expenses to average sales of 3% or more, a ratio of export revenue of 5% or more, acquisition of overseas certification.

The 10 selected companies include: Hifil Tech Inc., Neuros, Daeyeon, BKT Co., Ltd., Waterfin, Flowtech, Taset Inc., Rothwell Water, Duon System, Tap Electronics.

The companies designated as innovative water companies this time have an average sales revenue of KRW 12.5 billion over the past two years, with an average R&D ratio of 9%, an average export ratio of 31.2%, and an average of more than five overseas certifications, indicating high potential for future growth.

These innovative water companies will receive up to KRW 500 million (up to KRW 100 million per year) over the next five years to support various needs. The support includes diagnosis of the current status of water companies and design of R&D strategies, standardization of innovative products, local testing and technology verification, production of customized prototypes for overseas markets, acquisition of international certifications, joint technology development with overseas partners, and exploration of overseas water markets.

On May 30, the Ministry will hold a ceremony at the Korea Press Center (located in Jung-gu, Seoul) to award certificates to the companies selected as this year’s innovative water companies. Following the ceremony, a meeting will be held to discuss various opinions on support policies for innovative water companies and strategies for revitalizing overseas markets.

Lee Seung-hwan, Director General of the Water Use Policy Bureau, stated, “Systematic and diverse support for companies designated as innovative water companies has resulted in increased sales and exports.” He added, “We plan to actively support the newly designated companies so that they can leap forward as leaders in the global water market.”

For further information, please contact the Public Relations Division. 

Contact person: Gina Lee, foreign media spokesperson

Phone: +82-44-201-6055

Email: gcjgina @gmail.com