South Korean waste management company, SK Ecoplant, announced on September 13 its strategic collaboration with Netspa, a pioneering startup headquartered in Busan that specialises in recycling discarded fishing nets. The marine waste collected from Vietnamese waters will be used to produce recycled nylon.
According to Kedglobal, the alliance between SK Ecoplant and Netspa will target the burgeoning issue of waste fishing nets in Vietnam, aiming to transform this environmental concern into a resource for recycled nylon production.
The partnership came as both firms inked an agreement to launch a joint venture before the end of the year. The primary focus will be advancing their shared interests across Southeast Asia, with a keen eye on regions notorious for intensive fishing activities, predominantly along the central and southern shores of Vietnam.
The duo intends to revitalise marine ecosystems by deploying an innovative resource circulation model that collects these abandoned nets and repurposes them into nylon products.
Ambitiously setting their sights on the second half of the coming year, SK Ecoplant and Netspa have projected an annual production capacity of 8,000 tonnes of recycled nylon. The eco-friendly venture aims to achieve a substantial CO2 footprint reduction of 50,000 tonnes annually and envisions generating employment for over 1,000 individuals.
Industry analysts perceive this collaboration as a transformative example of synergy between established corporations and agile startups. Their combined efforts promise to recalibrate the environmental and socioeconomic dynamics of emerging markets, particularly in Southeast Asia.
In a testament to the venture's promise, the Korea International Cooperation Agency (KOICA) has shortlisted the project as a frontrunner for its prestigious Platform ESG initiative.
Commencing next year, KOICA commits to underwriting half of the project's budget, translating to an investment of approximately $3.7 million spread over a five-year timeline.
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