Government-Commissioned Construction International Bid Threshold Raised from 7.8 Billion to 8.1 Billion Won

[Sejong=Asia Economy Reporter Kim Hyunjung] Starting January next year, the threshold amount for overseas companies to participate in construction contracts issued by central administrative agencies and public institutions will be raised for two years.

The Ministry of Economy and Finance announced on the 30th that the international bidding threshold for construction contracts issued by central administrative agencies has been adjusted from 7.8 billion KRW to 8.1 billion KRW, an increase of 300 million KRW. The threshold for goods and service contracts will be raised from 200 million KRW to 210 million KRW, an increase of 10 million KRW. For public institutions, the construction contract threshold will increase from 23.5 billion KRW to 24.4 billion KRW, and the goods and service contract threshold will rise from 630 million KRW to 650 million KRW.

This adjustment follows the World Trade Organization's Government Procurement Agreement (GPA) and reflects the slight increase in the KRW to SDR (IMF Special Drawing Rights) exchange rate due to the depreciation of the Korean won over the past two years.

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