40 Public Institutions under the Ministry of Trade - Purchase Promotion Agreement with the Korea Federation of SMEs... "Purchase of 10.9 Trillion KRW Products This Year"

Scheduled Purchases of 6.4 Trillion KRW in the First Half of the Year... "Actively Participate in Purchasing Small and Medium Enterprise Products"

Sung Yun-mo, Minister of Trade, Industry and Energy./Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Moon Chaeseok] The Ministry of Trade, Industry and Energy announced that on the 7th at 2 p.m., it will hold a 'Small and Medium Enterprise Product Purchase Promotion Agreement Ceremony' at the Korea Electric Power Corporation Namseoul Headquarters in Yeouido, Yeongdeungpo-gu, Seoul.

The ceremony will be attended by Minister Sung Yun-mo, Kim Ki-moon, Chairman of the Korea Federation of SMEs, and heads of 40 public institutions under the jurisdiction of the Ministry of Trade, Industry and Energy.

The ceremony will be conducted using video conference rooms of regional public institutions nationwide to minimize attendees' movement in accordance with social distancing guidelines related to the novel coronavirus infection (COVID-19).

The agreement was made to lead support for small and medium enterprises (SMEs) in the public sector, considering the growing need to assist SMEs and small business owners who are struggling due to the domestic demand cliff and sharp sales decline caused by the recent spread of COVID-19.

The 40 public institutions under the Ministry of Trade, Industry and Energy participating in the event agreed to sign the agreement and work together to implement the purchase of SME products, early execution of support budgets, reduction of financial burdens for companies participating in procurement, utilization of the small-amount contract system, and prompt payment of contract fees.

Additionally, the public institutions under the Ministry plan to execute 64 trillion KRW, which is 59% of the 109 trillion KRW planned purchase amount for SME products this year, in the first half of the year to contribute to revitalizing the sluggish economy.

Minister Sung said, "The prevention of the spread of COVID-19 was possible thanks to the active participation of the public in social distancing, the dedication of medical staff, and the important role played by manufacturing SMEs through the smooth supply of quarantine supplies." He added, "I hope public institutions will actively strive to provide support that SMEs and small business owners can feel in the industrial field, using this agreement ceremony as an opportunity."

Chairman Kim said, "The efforts of public institutions will be a great help to SMEs and small business owners who are facing difficulties." He requested, "I hope the heads of public institutions will support and cooperate so that the government's relaxation measures on public contract systems can be promptly reflected on the ground."

Chairman Kim also said, "Please continue to cooperate so that technologically capable small enterprises and small business owners can participate in the procurement market through cooperatives."

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