An Il-hwan, Deputy Minister of Economy and Finance, "Innovative Products to Expand to Over 300 by Year-End"

Ministry of Economy and Finance to Hold Innovation Procurement Companies Meeting on the 19th

[Asia Economy Reporter Jang Sehee] The government has decided to expand the number of innovative products supported for entry into the public procurement market to more than 300 by the end of the year.

On the afternoon of the 19th, Ahn Ilhwan, Vice Minister of the Ministry of Economy and Finance, held a meeting with innovative procurement companies at the Seoul Regional Public Procurement Service and announced this plan.

In his opening remarks, Vice Minister Ahn stated, "Many entrepreneurs are developing innovative technologies and products but are struggling due to a lack of delivery records," adding, "We are actively promoting innovative procurement policies to lower the entry barriers to the public procurement market for these companies and support the creation of initial markets."

Previously, the government introduced the Fast Track I and II systems in the second half of last year, applying direct contracts and purchase exemptions. It also supported entry into public procurement by recognizing innovative purchase achievements.

Vice Minister Ahn said, "Currently, the government has designated 175 innovative products," and added, "We plan to expand this to 200 by the end of August and more than 300 by the end of the year." Furthermore, the government intends to actively operate Fast Track III, newly established at the inter-ministerial task force meeting in June this year, to discover innovative products.

He emphasized, "We will utilize 1% of the public sector's goods procurement budget for purchasing innovative products and continue to improve awareness through education and promotion."

He also added, "The government will accelerate the promotion of innovative procurement, acting as a testbed for innovative products and playing a pioneering role in creating initial markets."

Meanwhile, the meeting was attended by Vice Minister Ahn Ilhwan, officials from the Ministry of Economy and Finance and the Public Procurement Service, and representatives from 10 companies participating in innovative procurement.

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