Holding a Briefing Session on the Designation of New Competitive Products Among Small and Medium Enterprises

Application and Submission for New Items of Mid-Term Competitive Products

The Ministry of SMEs and Startups and the Korea Federation of SMEs announced that they will hold an explanatory session on the 19th for SME organizations and small and medium-sized enterprises to designate competitive products among SMEs, which will be effective for three years.

The competitive system among SMEs is a system that obligates public institutions to purchase products from small and medium-sized enterprises that directly produce the products by owning production facilities, factories, and personnel when purchasing products designated by the Minister of SMEs and Startups.

As of 2022, the inter-SME competition system is worth 26.4 trillion KRW, an increase of 7.2 trillion KRW (37.5%↑) compared to 2018, contributing to the business stability of SMEs.

If 10 or more SMEs (5 or more SMEs for new industry products) request designation as inter-SME competitive products, the final decision on designation is made through procedures such as reviewing the necessity for fostering the product field, supporting sales channels, and consulting stakeholders.

Products newly designated this year will maintain their designation effectiveness for the next three years according to Article 6 of the Enforcement Decree of the Act on Support for Sales Channels to ensure stable operation of the inter-SME competition system. Choi Won-young, Global Growth Policy Officer at the Ministry of SMEs and Startups, said, "By expanding the designation of new industry products in this inter-SME competitive product designation, we plan to promote the entry of innovative SMEs into the public procurement market."

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