Nara Jangteo Last Year Transaction Scale '112.7 Trillion Won'... 9.6% Increase Compared to Previous Year

[Asia Economy (Daejeon) Reporter Jeong Il-woong] Last year, the transaction volume of Nara Market reached 112.7 trillion won. This is a 9.6% increase from 102.8 trillion won in 2019.

According to the Public Procurement Service on the 13th, Nara Market surpassed 100 trillion won in transaction volume for the first time in 2019, and last year, the transaction volume increased by about 10 trillion won.

Among the transaction status by each business sector in Nara Market, facility construction had the largest transaction volume at 45.612 trillion won. This was followed by goods at 37.4611 trillion won, and services at 28.8245 trillion won.

In the transaction status by transaction entities, local governments accounted for 51.4776 trillion won (45.7%), national agencies 19.7602 trillion won (17.5%), and educational institutions 12.6156 trillion won (11.2%), dividing the proportions.

Nara Market is a pan-government electronic procurement platform used by over 61,000 demand institutions including central administrative agencies and about 470,000 procurement companies, through which 76% of public procurement transactions (based on 2019) are processed.

Kang Sung-min, Director of the Procurement Management Bureau, said, “From this year, the Public Procurement Service plans to completely overhaul Nara Market over three years by integrating advanced information and communication technologies such as artificial intelligence (AI), big data, and blockchain,” adding, “We will make every effort to build a new system so that demand institutions and procurement companies can be satisfied and operate stably.”