Bid Documents for Cultural Heritage Repair Work to Be Simplified

Cultural Heritage Administration Announces 'Average Ratio of Business Conditions for Cultural Heritage Repair Companies'
"Annual Expenditure Over 1.2 Billion KRW and Improvement of Inconveniences"

In the qualification review bidding for cultural heritage repair works conducted by the Public Procurement Service and local governments, the submission documents required from cultural heritage repair companies will be simplified. On the 8th, the Cultural Heritage Administration announced that on the 1st of last month, it supported the simplification of submission documents for qualification review bidding by calculating and publishing the "Average Business Condition Ratio for Cultural Heritage Repair Industry" on the Cultural Heritage Repair Association's website. The Average Business Condition Ratio refers to the average values of debt and liquidity ratios, sales, and operating profit of 483 companies across 7 types in the cultural heritage repair industry.

Since the Cultural Heritage Repair Association was launched in 2015 and related tasks were entrusted to the Cultural Heritage Administration in 2018, the Average Business Condition Ratio had not been calculated or published. In response, from August to December last year, the Cultural Heritage Administration, together with the Cultural Heritage Repair Association, secured basic data for calculating the Average Business Condition Ratio and established a framework for its calculation and publication.

Until now, cultural heritage repair companies had to submit an annual accounting review report to the Public Procurement Service and a credit evaluation report to local governments each time they participated in qualification review bidding for cultural heritage repair works. Now, this can be replaced with a "Business Condition Confirmation Certificate" issued by the Cultural Heritage Repair Association. An official stated, "This will improve the annual expenditure and inconvenience of over approximately 1.2 billion KRW," adding, "We will continue to identify and resolve unreasonable administrative procedures and regulations."

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