Public Procurement Service, Record High of 19.5 Trillion Won in Goods and Services Orders This Year

Public Sector Goods and Services Orders Total '19.5 Trillion Won'
Record High, Up 8.6% from Previous Year
Early Execution in First Half Encouraged with Incentives Provided

The Public Procurement Service announced the ‘2024 Major Procurement Plans for Goods and Services in the Public Sector’ of central administrative agencies, local governments, and public institutions on the 15th.

The total procurement amount aggregated in the procurement plan for this year is 19.5 trillion KRW, marking the largest scale ever. This is an 8.6% increase compared to last year.

Provided by Public Procurement Service

In particular, the procurement plan announced on this day mostly covers projects expected to be procured in the first half of this year. Based on the scheduled procurement information, the Public Procurement Service intends to encourage demand agencies to achieve the early execution rate target of 65% for the first half.

In the procurement plan, the goods sector includes 45,285 cases such as the Yeosu Gwangyang Port Authority’s demand for ‘Manufacture and Installation of 32 Automated Yard Cranes at Gwangyang Port,’ totaling 6.1507 trillion KRW, and the services sector includes 52,588 cases such as the National Health Insurance Service’s demand for ‘Outsourcing Services for the Customer Center of the National Health Insurance Service Regional Headquarters,’ totaling 13.326 trillion KRW.

Information on the project names, procuring agencies, procurement schedules, budget amounts, and contract methods for major public sector goods and services scheduled for procurement this year can be checked through the Nara Marketplace.

Lim Gi-geun, Administrator of the Public Procurement Service, said, “The first half of this year is a period when policy care is needed to help the public wisely overcome high inflation and high interest rates. In particular, this year, the Public Procurement Service advanced the announcement of the goods and services procurement plan, which was usually announced every March, to February to support the swift execution of the budget and to increase predictability for procurement companies.”

He added, “The Public Procurement Service will induce early budget execution by demand agencies through measures such as reducing procurement fees by up to 15% for procurement requests in the first half and expanding the advance payment range from 70% to 100%. We hope that small and medium-sized enterprises participating in public procurement will actively utilize the public sector goods and services procurement information provided through the Nara Marketplace.”

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