Gyeongnam Procurement Office Accelerates Regional Economic Revitalization with Innovative Public Procurement System

Front view of Gyeongnam Regional Public Procurement Service (Photo by Gyeongnam Regional Public Procurement Service)

[Asia Economy Yeongnam Reporting Headquarters Reporter Kang Woo-kwon] On the 18th, the Gyeongnam Regional Public Procurement Service announced that it had expedited the execution of 1.5065 trillion KRW to revitalize the local economy and support small and venture businesses.

This achievement corresponds to 55.3% of the annual plan of 2.723 trillion KRW, reaching 113.2% compared to the same period last year. Among the project results, 1.161 trillion KRW (about 77%) was contracted by small businesses, significantly helping small enterprises overcome the economic difficulties caused by the novel coronavirus disease (COVID-19).

This year, the Public Procurement Service plans to activate an innovation-oriented public procurement system so that small and venture businesses can grow and develop through the public procurement market.

The innovative prototype purchase project is a new procurement method where the government acts as an initial buyer to effectively improve public services and support technological innovation in companies.

Jung Hyun-soo, head of the Gyeongnam Regional Public Procurement Service, said, “We hope that encouraging technology development among small and venture businesses in the province will establish innovative procurement in the Gyeongnam region and serve as a foundation for regional growth.”

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