Public Procurement Service Designates 61 New Excellent Procurement Products

by Jeong Ilwoong

Published 10 Nov.2020 10:30(KST)

[Asia Economy (Daejeon) Reporter Jeong Il-woong] The Public Procurement Service has newly designated 61 excellent procurement products.

The Public Procurement Service announced on the 10th that it selected and designated new excellent procurement products through the '4th Excellent Product Designation Review of 2020.'

The newly designated excellent procurement products include 7 products from the 8 leading innovative growth projects and 30 products from startup and venture companies. Additionally, 4 products from companies employing disabled persons were included in the new excellent procurement product list in accordance with the realization of social value. These products will receive support for entry into the public procurement market for innovative products.

The designated products will be recognized as excellent procurement products for a basic period of 3 years until November 2023, and the period can be extended up to 3 years if conditions such as export and employment are met.

The Public Procurement Service designates excellent procurement products through technology and quality evaluation processes of technology development products such as patents, New Excellent Products (NEP), and New Excellent Technologies (NET). As of the end of October this year, a total of 1,195 products have been designated as excellent procurement products.

Companies producing the designated products can supply the designated items to each demand institution through negotiated contracts according to relevant laws such as the National Contract Act. They are also given benefits to participate in domestic and overseas procurement market entry programs provided by the Public Procurement Service, such as the Nara Market Expo and overseas procurement market development teams.

Kim Jung-woo, Administrator of the Public Procurement Service, said, “The Public Procurement Service will actively discover and expand public demand so that public purchases of promising innovative products related to the 4th Industrial Revolution can be activated.” He added, “Through this, we will induce innovation in private companies so that more small and venture companies can use the public procurement market as a growth ladder.”