Public Procurement Service, Early Execution of Procurement Projects in the First Half of the Year 'Reduction of Procurement Fees'

[Asia Economy (Daejeon) Reporter Jeong Il-woong] The Public Procurement Service (PPS) will reduce procurement fees for agencies that execute procurement projects early in the first half of this year.

The PPS announced on the 17th that it will enact and implement from the 21st the "Special Temporary Reduction of Procurement Fees for Expanding Early Execution."

The fee reduction will be maintained until the end of June, and the unit price will be temporarily applied based on procurement requests, with the total amount based on contract conclusion. Reflecting this, the PPS will reduce the existing fees by 10% until March and by 5% from April to June, respectively.

Through this, the PPS plans to execute 34.2 trillion won (63%) out of the 54.4 trillion won procurement contract execution plan in the first half of this year.

The reduction of procurement fees is promoted to induce rapid fiscal execution and support the recovery of business vitality for small and medium procurement companies.

Kim Jeong-woo, Administrator of the PPS, said, "We decided to reduce procurement fees to support the recovery of the stagnant livelihood economy due to the prolonged COVID-19 pandemic," adding, "Through this, the PPS will focus its capabilities on achieving the best-ever early execution of procurement contracts and firmly establishing the foundation for economic normalization."

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