Korea‘s Public Procurement Service is set to host an annual consultation fair in November to assist small- and medium-sized enterprises seeking entry into overseas procurement markets valued at $12.8 trillion.

The annual event titled Global Public Procurement Marketplace (GPPM) has supported SMEs since 2016 to provide information concerning offshore markets such as foreign procurement laws and local market trends.

According to the PPS, the event brings together Korean enterprises, foreign clients and buyers, and international organizations to help domestic businesses cultivate a better understanding of the global procurement market and forge connections with foreign entities.

In 2021, GPPM succeeded in bridging 48 foreign buyers and 106 export consultancy firms, resulting in $21 million worth of trade, despite the COVID-19.

The agency will add briefing sessions for products by innovation firms, and separate sessions to introduce innovative products wishing to be added to projects coordinated by Korea’s Economic Development Cooperation Fund (EDCF) as in overseas aids.

Additionally, the marketplace this year will include support programs to aid K-disease prevention products in offshore markets, export consultations in association with Korea Public Procurement Expo (KOPPEX), and American market pioneer groups for innovative products. Programs are designed to provide Korean firms with advice concerning foreign market’s verification processes, eligibility conditions, distribution qualifications and bid proposal drafting standards.

By Lee Seung-ku (seungku99@heraldcorp.com)