South Korea has been preparing for implementation of the IMO's ballast water convention by legislating ballast water management act and its regulation in December 2007 and February 2011 each.
Also, the government has established an infrastructure, composed with professionals in ballast water sector.
Of a total of 25 ballast water technologies, finally approved by IMO, nine products are from Korea.
The Institute of Marine Engineering, Science & Technology (IMarEST) of UK forecast that ballast water industry market would grow to about KRW 60trn-80trn ($52.7bn-70.2bn) by 2016. Japan with five technology, Germany with three and Norway with three are Korea's rival countries.
The Ministry of Land, Transport and Maritime Affairs (MLTM) of South Korea plans to allocate KRW 2bn of budget in ballast water sector in order to establish international competency and preoccupy global market.
Also, MLTM's ballast water testing facility is under construction, scheduled to be completed in August.
Published : March 29, 2012