The South Korean government is partnering with major multilateral development banks (MDBs) such as the World Bank to support domestic environmental companies in entering overseas green markets. This year, joint technical support projects in the environmental sector, including waste and water management, will be launched in four countries in Africa and Asia.
On September 2, the Ministry of Climate, Energy and Environment and the Korea Environmental Industry and Technology Institute announced the fifth 'Korea-MDB Green Cooperation Forum' at The Plaza Seoul Hotel in Jung-gu, Seoul.
The Korea-MDB Green Cooperation Forum was initiated in 2022 to assist domestic environmental companies in expanding internationally. It serves as a platform for major MDBs and domestic firms to share business information and explore collaboration opportunities.
This year's forum will focus on 'Green Transition in Climate, Energy, and Environment.' Representatives from four MDBs, including the World Bank, Asian Development Bank (ADB), African Development Bank (AfDB), and Central American Bank for Economic Integration (CABEI), will participate.
MDBs are international financial institutions established through joint contributions from multiple countries to support sustainable development policies, technologies, and infrastructure projects in developing nations. With the recent increase in investments for climate change response, energy transition, and environmental infrastructure, they are also being utilized as channels for domestic environmental companies to enter foreign markets.
The first session of the forum will feature each MDB presenting their green transition strategies, key projects, and future business opportunities in the climate, energy, and environment sectors. The second session will include procurement experts from the World Bank, ADB, and AfDB explaining their respective procurement processes, bidding methods, and considerations for project participation.
The third session will allow domestic engineering firms to share their experiences collaborating with MDBs on projects.
A 'Korea-MDB Roundtable Partnership' will also be organized, enabling direct meetings between domestic companies and MDB representatives. This initiative aims to facilitate discussions on business ideas and collaboration possibilities, leading to the discovery of new projects and actual participation in initiatives.
The Ministry of Climate, Energy and Environment is also pursuing joint technical support projects that utilize domestic environmental technologies to address environmental issues in developing countries.
This year's support will target three African countries—Ethiopia, the Democratic Republic of the Congo, and Rwanda—and one Asian country, Vietnam. In Ethiopia, support will focus on organic waste management and circular economy technologies, while the Democratic Republic of the Congo and Rwanda will receive assistance in water quality management and plastic waste management and recycling technologies, respectively. In Vietnam, support will be provided for marine plastic recycling technologies.
Kim Ji-young, the international cooperation officer at the Ministry, stated, "As the international community's efforts for green transition and cooperation between countries become increasingly important in responding to the climate crisis and achieving sustainable development, we hope this forum will help our companies understand the MDBs' green transition strategies and business opportunities, allowing them to enter overseas markets based on their excellent environmental technologies and capabilities."
* This article has been translated by AI.
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