The state-run Korea Environment Corp. has been at the vanguard of the nation’s drive for sustainable growth by connecting the public and private sectors in projects for water improvement, waste management and greenhouse gas reduction.
The company also aims to harness the nation’s strength in environmental technology and know-how to explore overseas markets and boost domestic growth and jobs.
The company plans to push for 89 contracts this year worth 760.9 billion won ($684.2 million), which is more than a double that of last year, Lee Si-jin, new chief executive officer, said in an interview with The Korea Herald.
One of its priorities in the domestic business is installing new drainage systems to prevent urban flood damage.
“A new maintenance system has become an urgent issue on the back of climate change. The annual precipitation rate is increasing, cities are suffering flooding, but drainage facilities are just too poor,” he said.
KECO is expected to inject some 270 billion won ($242.8 million) to host the pilot project in six cities, including Bucheon, Gimhae and Cheonan, by 2015.
“We have to create markets and invest more in original environment-related technologies. That’s what the creative economy is all about,” he added.
Lee, 56, took the helm at the company in May. He spent more than 20 years teaching environmental engineering at Kyonggi University in Gyeonggi Province, and has been a consultant to KECO and the Ministry of Environment for almost 23 years.
“The domestic environment market is pretty much saturated, and is gradually moving from facility investment to system management and enhancing technologies. The next big leap for KECO and local environment business groups is now into overseas markets.”
The organization has so far executed 15 major collaboration projects in 10 countries, including a waste incineration plant in Jalisco, Mexico, and a cogeneration plant, a type of facility that generates heat and electricity, in Chile.
This year alone, 10 other overseas projects are scheduled through public-private partnerships.
“Doing eco-friendly business abroad is a long-term project. When we support developing countries and they see a difference, their desire for environmental projects naturally increases. And Korea needs to be on the front line.”
Its 10 years of investment abroad was recognized by global environment communities, and KECO has won several international awards during the past few years.
At last year’s Environment Business Achievement Awards hosted by San Diego-based Environmental Business International, KECO won the social contribution segment for its asbestos damage relieving system.
The corporation was also awarded by the Green Organization last November with Allbaro, an automated online system for collecting, transporting and treating industrial waste.
Lee vowed to eliminate corruption in the corporation which was involved in multiple graft scandals the past few years.
Lee also emphasized cutting unnecessary costs. With a team of 35 experts in value engineering methods, Lee said the corporation saved 37.9 trillion won last year.
“We calculate and analyze what we need and don’t need in order to save costs. KECO will not waste a dime of people’s taxes,” he added.
