Latest news with #KoreaWaterResourcesCorporation
Korea Herald
07-05-2025
- Business
- Korea Herald
Woori plans to use Poland branch to support Ukraine's postwar recovery
The head of Woori Bank aims to position the bank's newly launched branch in Poland as a strategic outpost to Eastern Europe and beyond, particularly in supporting Korean companies likely to be involved in Ukraine's postwar reconstruction. Woori Bank CEO Jung Jin-wan expressed strong interest in partnering with state-run Korea Water Resources Corporation, or K-water, to play a leading role in rebuilding Ukraine's water infrastructure, a critical need in the aftermath of the war. 'The most urgent requirement after the war is water infrastructure,' Jung said during a press briefing at the Asian Development Bank's annual meeting in Milan, Italy, Sunday. 'Our new branch in Poland, located right next to Ukraine, is not just another overseas office. It's a core part of our long-term global strategy.' In November 2023, K-water signed a memorandum of understanding with the Ukrainian city of Bucha to cooperate on recovery efforts, including the restoration of its water facilities. 'Even if housing and industrial complexes are rebuilt, water remains essential — not only for irrigation but also for food and beverage production,' Jung said. 'K-water, with its globally recognized technology, will be instrumental in redeveloping Ukraine's infrastructure. They have already made significant preparations on the ground.' In March, Woori Bank became the first Korean bank to open a branch in Warsaw, the capital of Poland. As Korean companies continue to increase their presence in the region, Woori Bank sees an opportunity to support their financial needs and help shape Poland as a financial gateway to Eastern Europe. With an average economic growth rate of 2.8 percent over the past three years, Poland is experiencing rising financial demand, fueled in part by the expansion of Korean manufacturing and mid-sized enterprises into Eastern Europe. Major Korean companies — including Hanwha Aerospace, Hyundai Rotem, Korea Aerospace Industries, Samsung Electronics, LG Electronics, Hyundai Motor, and Kia —have already established operations in Warsaw. The new Polish branch will oversee Woori Bank's business across Eastern Europe, including activities in Hungary, the Czech Republic, Slovakia and Romania.
Korea Herald
16-02-2025
- Business
- Korea Herald
K-water secures contract to install water management system in Botswana
The Korea Water Resources Corporation (K-water) secured a contract with Botswana to build and manage a total water management system in the African country on Friday. According to K-water, the public enterprise signed a contract with the Botswana's Ministry of Lands and Water Affairs to establish a total water management system for the Limpopo River, which runs close to the capital Gaborone. The project, which will work to install a remote sensing and real-time monitoring system for water and precipitation levels and also a control room close to the Limpopo River, will be carried out over three years until 2028. The Limpopo River is an important water source for Botswana, especially in areas close to its southern edge. However, as issues related to clean water security have heightened across Africa, Botswana too, was affected. The country has been experiencing chronic drought conditions for several decades, with the intensity and frequency of such droughts significantly influenced by climate change in recent years. Climate change has contributed to shifting rainfall patterns, erratic weather events and higher temperatures in Botswana, exacerbating water scarcity and drought conditions. In accordance with such climate concerns, the Botswana government commissioned the project with K-water by establishing the management of water resources as its top national priority. According to the public enterprise, the project is worth up to 22 billion won ($15.3 million). K-water has worked with Botswana since 2017 to establish a master plan to manage its national water resources, while also conducting a feasibility study to develop a total water management system. The project gained significant momentum at COP28 in December 2023, following a meeting held with K-water CEO Yun Seog-dae and Botswana's then-Minister of Lands and Water Affairs Kefentse Mzwandile. K-water was designated as the sole executor and contractor behind the water management project in Botswana at the time. 'In a situation where water security is desperately needed to sustain rapid economic growth, the introduction of K-water's water management technology is expected to alleviate (Botswana's) water crisis,' said Botswana's Lands and Water Affairs Minister Oneetse Ramogapi, as the contract was signed on Friday. 'We will continue to strengthen our water management cooperation with K-water through ongoing technical exchanges to further enhance national water security.' K-water CEO Yun underscored the "high importance" of the contract, as it marks the first time K-water's water management technology has been exported to Africa. "We view this as an opportunity for not just our company to advance but for additional economic cooperation with other partnering companies in Africa.'
