Export contracts worth $30.62 million were concluded through the Export Plaza held in concurrence with the Korea Public Procurement Expo 2024, according to the Public Procurement Service of Korea (PPS).
South Korea’s government procurement agency said Friday it is ramping up support for local companies to accelerate their expansion into overseas markets and boost the nation’s exports overall. Affiliated with the Ministry of Economy and Finance, the Public Procurement Service oversees and manages contracts of goods, services and construction to facilitate the procurement and supply of goods for the public.
The Public Procurement Service (PPS) is strengthening support for domestic businesses to enter overseas procurement markets and expand exports, the agency announced Thursday.
196 trillion won ($146.7 billion). This is the size of the nation s entire public procurement market last year. What if we extend the stage to the world? If calculated on average across OECD countries, the global public procurement market is estimated to be around $12 trillion. It s a huge market that accounts for a staggering 13 percent of global GDP.
The Public Procurement Service (PPS) will strengthen cooperation with its U.S. counterpart, including the renewal of a memorandum of understanding (MOU) between the two entities.