Award Ceremony Held on the Morning of the 5th at Sejong City Government Building
[Asia Economy Reporter Kim Bong-su] The Ministry of Science and ICT announced on the 5th that it has designated nine products developed by small and medium-sized enterprises as 'innovative products' and will give them preferential treatment in public procurement bids.
The Ministry of Science and ICT held a certificate awarding ceremony for these innovative products on the third floor of its Sejong City office this morning. The ministry supports the rapid entry of innovative products and services developed by the private sector into the public procurement market through the 'Excellent R&D Innovative Product Designation System.' Out of 40 companies that applied through a spring public contest, nine products were selected, including ▲a multifunctional shade capable of remote control and monitoring ▲a disposable URL-based call center consultation solution ▲a deep learning-based video traffic safety system, among others.
These products will be recognized as innovative products for three years from the date of designation, allowing direct contracts in public procurement with government and public institutions. They will also be eligible for the cross-ministerial innovative product pilot purchase project (worth 53 billion KRW this year). Additionally, public sector officials responsible for purchasing innovative products will be granted 'purchase indemnity,' meaning they will not be held liable for losses incurred from purchases unless intentional or gross negligence is proven.
The Ministry of Science and ICT expects a substantial effect in securing actual sales channels, noting that sales of products previously designated as innovative products have significantly increased. For example, Bio3S's 'Noro-X Hand Sanitizer' recorded sales of about 8 million KRW before its designation as an innovative product in January, but after designation, sales surged, reaching approximately 488 million KRW from February to the end of August.
Yong Hong-taek, the First Vice Minister of the Ministry of Science and ICT, urged the representatives of the selected innovative product companies to "dedicate themselves to continuous R&D and technological innovation so that Korea can leap forward as a technological powerhouse and contribute to creating new industries," and added, "The government will also provide comprehensive support to ensure that research outcomes create initial markets, innovative products and services are linked to public procurement, and eventually contribute to advancing into the private market."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
