South Korea’s dramatic growth since the 1950’s has resulted in gross national income rising from under $100 to $20,000, and is set to reach almost $28,000 by 2015. This growth, centred on Seoul, is often referred to as the ‘Miracle of the Han River’. This has affected virtually all major industries including ICT, Life sciences, shipbuilding, construction, petrochemicals and automotive to name but a few, and introduced new brands to global market place - Samsung, LG, Hyundai, Doosan and Daewoo.
Unfortunately this has come at a price with traditional districts being replaced by towers of glass and steel. The valleys around Seoul have been filled with high rise residential apartments and small sized factory premises to support the ever expanding city. With coffee shops on every corner and western commercialism being fully embraced there appeared to be little time to think about ‘sustainable development’ and ‘environmental issues’.
However, this is changing with President Lee’s "Low Carbon, Green Growth" initiative. His agenda has led to a range of incentives which encourage private sector investment. These include tax breaks for investors, the issuing of long-term and low-interest green bonds and savings, and the creation of a green fund aimed at facilitating access to credit for small and medium-sized enterprises.
This initiative has encouraged companies to use green technologies and materials, and to balance the needs of the environment with that of business. This more sympathetic approach to building has given rise to a large demand in the latest ‘green’ technologies. The Korean’s desire to have the best products has resulted in a keen interest to find the appropriate supplier from overseas consequently UK companies are well placed to take advance of this opportunity.
To help UK companies UKTI in South Korea is organising the UK Green Building Trade Mission to South Korea from 29 November to 3 December 2010 which aims to bring together Korean architects, construction companies and designers with the best UK companies in the green building field. If you wish to take part in this and help South Korea in their efforts to green their nation why don’t you join us and help expand you business overseas?
Jiyoung Lee, Richard Webster / UKTI South Korea