BKT has been selected as one of Korea’s 10 Innovative Water Companies for 2024 by the Ministry of Environment, recognized for its R&D, exports, and global potential.
On May 30, the Ministry of Environment and the Korea Water Partnership named 10 promising water companies as “Innovative Water Companies” for 2024, recognizing their potential to become global leaders in the water sector.
The Innovative Water Company Program is a government initiative aimed at nurturing globally competitive water companies by selecting those with outstanding R&D capabilities and export performance. Selected companies receive support across the entire business lifecycle—from technology development to commercialization and global expansion.
Each designated company will receive up to KRW 500 million over five years (up to KRW 100 million per year), including funding and consulting support at every growth stage.
Launched in 2020, the program has designated 10 companies annually, with a total of 50 companies selected as of 2024.
For this year’s fifth round of designations, 40 export-driven companies with strong sales, export records, and international certifications applied. The final 10 were chosen through a rigorous four-stage process: document review, presentation evaluation, comprehensive assessment, and deliberation by the Water Industry Technology Evaluation Committee.
To qualify, companies must meet at least two of the following three criteria based on their average performance over the past two years:
- R&D expenditure exceeding 3% of total sales
- Export revenue exceeding 5% of total sales
- Possession of international certifications
The designated companies for 2024 are BKT, Neuros, Daeyeon, Hi-Philem, WaterPin, FlowTech, TASSET, Roswell Water, Dooon System, and Top Electronics Industry.
Collectively, these companies reported an average revenue of KRW 12.5 billion over the past two years, with an average R&D investment ratio of 9%, export ratio of 31.2%, and more than five international certifications—demonstrating strong potential for future growth.
These newly designated companies recorded an average revenue of KRW 12.5 billion over the past two years, with an average R&D investment ratio of 9%, export ratio of 31.2%, and more than five international certifications on average—demonstrating strong future growth potential.
Designated companies are eligible to receive funding for:
- Corporate diagnostics and R&D strategy development
- Standardization of innovative products
- Pilot applications and technical verification
- Development of customized prototypes for overseas markets
- Acquisition of international certifications
- Joint R&D with overseas partners
- Overseas market entry support
On the same day, the Ministry of Environment held a certification ceremony and roundtable discussion at the Korea Press Center in Jung-gu, Seoul, where official certificates were awarded to the selected companies. The event also served as a platform to exchange views on support policies and strategies for global market expansion.
Lee Seung-hwan, Director General of Water Use Policy at the Ministry of Environment, stated,
“Thanks to systematic and diverse support, designated companies are already seeing tangible results such as increased sales and exports. We will continue to provide active support so that these companies can grow into global leaders in the water technology sector.”
*Source: May 29, 2024| Korea Land & Infrastructure Daily
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