Public Procurement Service's Budget for Next Year '312.5 Billion KRW'... "Focus on Supply Chain Crisis Response"

The Public Procurement Service announced on the 22nd that the budget for next year has been finalized at 312.5 billion won following the resolution of the National Assembly plenary session.

The budget for next year will be intensively allocated to responding to supply chain crises, innovative growth, and export promotion.

First, to respond to recent supply chain crises such as the shortage of urea solution, the Public Procurement Service reflected 70 billion won in the budget for next year, increasing the raw material stockpiling fund by 20 billion won compared to this year.

An additional 700 million won was newly secured as incentives for private sector emergency supply adjustment stockpiling. Furthermore, by reflecting 8.6 billion won for the construction of the Gunsan stockpile warehouse, the plan is to enhance the response capability to supply chain crises.

The budget for supporting innovative companies and innovative products has also increased. The public procurement budget for innovative products next year was set at 53 billion won, an increase of 4.7 billion won compared to this year, and the budgets for discovering, screening, and evaluating innovative products as well as for innovative product research and development (R&D) were each increased by 100 million won.

The Public Procurement Service also increased the budget to support domestic companies’ entry into overseas procurement markets. A new comprehensive overseas procurement market entry support project was established with 1 billion won newly allocated, and the procurement ODA budget to promote joint overseas expansion of procurement companies through the expansion of the Narangtar and K-Procurement systems was tripled from 180 million won this year to 540 million won next year.

In addition, the Public Procurement Service secured 15.8 billion won for the next-generation National Comprehensive Electronic Procurement System (Narangtar) construction project, which is scheduled to open next year.

Kim Yunsang, Administrator of the Public Procurement Service, said, “In the budget formulation for next year, the Public Procurement Service focused on responding to current national issues (such as supply chain crises) through public procurement and contributing to revitalizing the domestic economy. We will do our best to ensure that fiscal projects are executed in a timely manner so that policy effects can be realized amid the severe economic situation.”