The Public Procurement Service is gearing up to host the Korea Public Procurement Expo 2023, an annual event which will serve as a platform for companies to showcase their products and technologies and broaden their global footprint in the aftermath of the COVID-19 pandemic.

“The 23rd Korea Public Procurement Expo boasts the largest-ever turnout with over 560 companies and upwards of 1,000 booths,” PPS administrator Lee Jong-Wook said in an interview with The Korea Herald.

The Public Procurement Service, which acquires, supplies and manages goods and services for public organizations, also supports Korean companies to tap into the overseas procurement market.

Under the slogan "Confident, Nimble, K-Procurement! Beyond Korea to the World," the expo will take place from Wednesday to Sunday.

Lee said that the event will highlight the procurement aspirations of Korean companies to expand their reach in the global economy as they recover from the pandemic.

"The expo will serve as a platform for domestic and international procurement buyers, international organizations and government agencies to explore the excellence of Korean products and new opportunities to expand sales," Lee said.

To support companies that have faced difficulties in market development due to COVID-19, the expo has made several new changes that promote new technologies and products. "We decided to curtail the number of our Public Procurement Service promotional booths to accommodate 13 additional innovative award-winning companies from the International Consumer Electronics Show, while continuing to promote 60 innovative companies," he said.

The booths will be organized by product attributes and will include the likes of the Innovation Growth booth, the Startup Nation booth, the Electrical & Electronics Products booth and the Office Equipment booth.

Cheongju, North Chungcheong Province, has also joined Gyeonggi Province, Daegu and Gimhae's Life Industry Promotion Center for the first time in organizing a joint booth with local companies.

In addition to the expo's central events, several side events will take place, including public procurement counseling sessions, export counseling sessions and export contract signing ceremonies. Lee pointed out that the Public Procurement Consultation event, which matches participating companies with public institutions and large companies for one-on-one consultations, will be "one of the most fruitful events for companies."

For businesses keen on entering foreign markets, the expo provides an array of programs, including export counseling sessions and export contract signing events. "This year, we have extended invitations to 80 international buyers from 24 countries for consultations. Should it be necessary, they can also peruse company booths and experience their products firsthand," Lee added.

Representatives from global organizations including the UNDP, the US General Services Administration and the Turkiye Water Corporation, along with government procurement officials, have been invited to deliver speeches with the goal of broadening the perspectives of companies in attendance.

As part of their efforts to help domestic small and medium-sized enterprises, the PPS has been implementing various direct and indirect support projects to help SMEs enter the $12.8 trillion overseas procurement market. For instance, since 2013, outstanding domestic companies with technology and export competitiveness have been designated as G-PASS companies, receiving support for overseas procurement market entry programs such as marketing, participation, information provision and training.

"Our goal is to identify outstanding innovative companies and offer tailored export support, helping to facilitate their entry into international markets,” Lee said.

Beyond the traditional buyers and sellers, experts and citizens will have the opportunity to directly vote for promising innovative products discovered by product scouts through the "Scouter Demo Day" event held during the expo. Lee explained that "the Innovative Product Scouter System aims to discover innovative products with public interest and innovation outside the existing procurement market."

Korea Public Procurement Expo 2023 represents a significant opportunity for Korean procurement companies to make strides in the global market. "We hope that Korean companies will gain real support at the expo which will lead to tangible outcomes in opening up domestic and international markets," the PPS administrator said.

By Moon Joon-hyun(ethan_moon@heraldcorp.com)

Lee Kwon-hyung(kwonhl@heraldcorp.com)