Busan Urban Corporation's Contract System Innovation to Revitalize the Local Economy

"Expanding Local Participation, Establishing Fair Contracts"

Procurement of Local Products to Increase to 98.6 Billion Won

Busan Urban Corporation is set to take active steps to expand the participation of local companies and revitalize the regional economy by improving its contract system.

On April 17, Busan Urban Corporation (BMC, led by Shin Chang-ho) announced plans to enhance the operation of its contract system under three core directions: strengthening regional cooperation, establishing fair and transparent contracts, and implementing proactive risk management.

First, the corporation will increase its procurement of locally produced products to 98.6 billion won and raise its purchase rate target to 78.4%, actively supporting local SMEs and small business owners in expanding their markets. In addition, the company will expand the disclosure of procurement plans—which were previously released once a year—to a quarterly schedule, helping local companies better prepare for bidding. It will also encourage split orders and joint contracts to broaden participation opportunities.

The convenience for partner companies will also be enhanced. To address the inconveniences of the existing mutual payment system, the corporation has introduced a one-stop system called 'Easy Sync,' enabling the use of existing main accounts without the need to open separate accounts. Additionally, the company will strengthen its management system for the payment of subcontracting fees and labor costs to create a payment environment free of delays, while also working to protect the rights and interests of local workers.

BMC will continuously monitor relevant laws and regulations in response to policy changes and promptly reflect them. At the same time, the corporation will conduct pre-reviews before procurement and manage performance based on data, thereby fostering a mutually beneficial local ecosystem and realizing social value.

Shin Chang-ho, President of Busan Urban Corporation, stated, "This comprehensive plan for improving contract operations aims to strengthen our social responsibility as a regional public corporation and to achieve tangible results that local businesses can truly feel. We will continue to pursue mutually beneficial cooperation with local enterprises through effective institutional improvements."

Busan Urban Corporation.

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