Last Year, 'Nara Jangteo' Transaction Volume Surpasses 100 Trillion Won for the First Time

Status of Nara Market Transaction Scale. Provided by Public Procurement Service

[Asia Economy (Daejeon) Reporter Jeong Il-woong] The annual transaction volume of the national comprehensive electronic procurement system 'Nara Jangteo,' operated by the Public Procurement Service, exceeded 100 trillion won for the first time last year.

According to the Public Procurement Service on the 21st, last year's transaction volume on Nara Jangteo was recorded at 102.8339 trillion won. This represents a 14.5% increase compared to the previous year (89.7741 trillion won) and has grown about three times larger than the transaction volume during the first year (36 trillion won) after Nara Jangteo's launch in 2002.

Last year's transaction volume by sector was led by facility construction at 43.8701 trillion won, followed by goods at 33.9028 trillion won, services at 24.2994 trillion won, and foreign capital at 603 billion won.

By institution, local governments placed orders worth 47.0462 trillion won, accounting for 45.7% of the total, national agencies ordered 17.7967 trillion won (17.3%), and educational institutions ordered 12.5516 trillion won (12.2%).

Currently, Nara Jangteo is used as a pan-government electronic procurement platform where over 57,000 demand institutions including central administrative agencies, metropolitan and basic local governments, and public enterprises, along with about 430,000 procurement companies, handle the entire procurement process online.

The public procurement transaction volume processed through this platform accounts for 73% of the total (as of 2018).

Jung Moo-kyung, Administrator of the Public Procurement Service, stated, “We plan to fully revamp Nara Jangteo into a next-generation electronic procurement system by introducing new information and communication technologies (ICT) such as artificial intelligence (AI) and big data,” adding, “Nara Jangteo will be reborn as an advanced system to enable demand institutions and procurement companies to use it more efficiently and conveniently.”

This content was produced with the assistance of AI translation services.