Republic of Korea’s Innovative Procurement and Fostering SMEs

Event: International Procurement Workshop

Republic of Korea’s Innovative Procurement and Fostering SMEs

25 September 2024

Author / Speaker:

Cheolwoong Park, Public Procurement Service of Korea (PPS) - Other materials by the author

In the Republic of Korea, great emphasis is placed on encouraging innovation nationwide while promoting small and medium enterprises (SMEs), the backbone of the national economy. Thus, the Innovative Procurement policy was introduced in 2019 to improve the quality of public services and to support technological innovation and growth in the private sector. Korean government uses its immense purchasing power to acquire goods with innovative technology, helping to create a market for these products and to support their commercialization. The policy ultimately lays the foundation for spreading innovative technology to the domestic and global markets. Meanwhile, Korea provides various programs to foster SMEs, supported by e-procurement systems.

Type of Content:

Learning Event

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