KOTRA hosts green tech export forum alongside World Climate Expo

As the Russia-Ukraine war and conflicts in the Middle East have heightened the importance of global energy security, South Korean green technology companies are moving to capture overseas markets for renewable energy, energy storage systems (ESS), power grids and carbon reduction projects.

The Ministry of Trade, Industry and Energy and the Korea Trade-Investment Promotion Agency (KOTRA) announced Wednesday they will hold a "Climate, Energy and Environmental Industry Export Consultation" event in conjunction with the World Climate Expo (WCE) in Busan.

KOTRA organized the forum in partnership with the Korea Energy Agency, BEXCO and the Korea Meteorological Industry Promotion Agency to help domestic green tech companies expand into overseas markets.

The recent energy crisis stemming from the Middle East and the reshaping of global supply chains have highlighted the risks of dependence on specific imported fuels and supply routes, prompting major countries to accelerate efforts to diversify their power generation mix. According to the International Energy Agency (IEA), renewable energy and nuclear power are expected to account for more than 70 percent of global power generation projects in 2026. Meanwhile, investment in fossil fuels has declined for three consecutive years.

The push to diversify power sources is also driving greater investment in related infrastructure such as power grids and storage systems. The IEA projects global grid investment in 2026 will reach $550 billion to ensure stable electricity supply.

As investment in renewable energy, ESS and energy efficiency grows, domestic companies with competitive strengths in power generation, transmission and distribution are expected to find expanding opportunities abroad. Major countries' efforts to reduce dependence on specific nations and products for energy security reasons are also seen as an opportunity for Korean firms. Last year, South Korea's exports of power equipment reached $16.5 billion, up 6 percent from the previous year.

For the forum, KOTRA invited 30 promising buyers and project owners from 10 countries across Europe and Asia, including Vietnam and Serbia. The agency plans to arrange more than 200 one-on-one business consultations between the overseas delegations and 77 domestic green tech companies, and will support the signing of two MOUs in the field of ion exchange resins used for water quality management at nuclear power plants.

Company T, a Vietnamese renewable energy developer and operator, visited South Korea to find ESS and energy efficiency technologies for a 1.5-gigawatt renewable energy project. A company official said they had signed a non-disclosure agreement with a Korean firm met at last year's WCE for the introduction of ESS products, and that the company plans to identify additional partners through this forum.

An official from the Hanoi Department of Industry and Trade also attended the forum to identify and engage Korean companies that can contribute to national priorities including energy efficiency, grid stabilization and environmental industry development. The event also provided an opportunity to discuss ways to boost industrial exchanges between Busan and Hanoi.

A seven-member delegation from Serbia, including representatives from state-owned shipping company J, visited South Korea. Company J expressed interest in adopting new technologies in waste treatment, water treatment and renewable energy to support clean river and port operations.

Company G, a state-owned Algerian cement manufacturer, also visited to find technologies that can reduce carbon emissions from cement production and improve energy efficiency.

KOTRA President Kang Kyung-sung said demand for energy-driven green transformation among major countries has grown in the wake of the Russia-Ukraine war and the US-Iran conflict. "K-power and green tech companies are already delivering results in the United States and Europe," he said. "We will follow up on the leads identified at this export forum to help them achieve greater success overseas."