KAMCO Issues New Public Development Contracts Worth 221 Billion KRW This Year

[Asia Economy Reporter Kwon Haeyoung] Korea Asset Management Corporation (KAMCO) announced on the 18th that it plans to newly issue 190 contracts worth 221 billion KRW for construction, services, and goods procurement this year for the entrusted development projects of national and public lands.

KAMCO, as a public development specialized institution, is entrusted by the Ministry of Economy and Finance and local governments to carry out the construction of public office buildings, development, and management of public facilities for the efficient utilization of national and public lands. This year, it has decided to actively support government policies such as expanding construction investment in the public sector to create quality jobs and revitalize the economy.

Additionally, in operating public development contracts, KAMCO plans to contribute to the protection of core technologies of small and medium enterprises (SMEs) and expansion of their market channels by issuing construction contracts applying new technology methods, and to protect subcontractors through main contractor joint subcontracting contracts and separate ordering, striving for the mutual development of general construction companies and SMEs.

KAMCO operates a Technical Advisory Committee and a Contract Review Committee involving external experts to ensure fairness and transparency in contract work. In particular, in 2019, by establishing a dedicated public development contract organization and introducing a fair and proper contract review system, it saved a total of 1.3 billion KRW in project costs.

Moon Sung-yoo, President of KAMCO, stated, "KAMCO has contributed to regional economic revitalization and win-win cooperation with SMEs through the promotion of public development projects," and added, "Going forward, as a trusted public developer, we will actively promote regionally tailored living social overhead capital (SOC) construction projects and lead the realization of social values such as improving public convenience."

Meanwhile, KAMCO has successfully completed a total of 33 entrusted development projects on national and public lands, including the 'Narakium Jeodong Building.' Currently, it is carrying out 31 development projects with a total project cost of 1.171 trillion KRW, including the 'Narakium Jongno Complex Office Building.'