Park Han-sol reports on Korea's financial regulators, along with fintech and insurance. She previously wrote about the art world, from biennales and exhibitions to fairs and auctions, with a focus on Seoul and the figures shaping the scene. Before joining The Korea Times, she spent a year at ABC News' Seoul bureau, contributing to coverage of major Asia-Pacific events.
Public Procurement Service deepens cooperation with IDB to support reform in Latin America
Officials from the Public Procurement Service (PPS) and the Inter-American Development Bank attend a meeting to sign a renewed memorandum of understanding aimed at deepening cooperation in public procurement across Latin America and the Caribbean at the PPS' Seoul regional office, Wednesday. Courtesy of PPS
By Park Han-sol
Korea’s Public Procurement Service (PPS) and the Inter-American Development Bank (IDB) have renewed a memorandum of understanding (MOU) aimed at deepening cooperation in public procurement across Latin America and the Caribbean, the agency said Wednesday.
The MOU, signed by PPS Vice Administrator Kang Sung-min and André Soares, chief of the office of the presidency at the IDB at the PPS’ Seoul regional office, seeks to expand the sharing of Korea’s digital procurement expertise while supporting reform efforts across the region.
The renewed partnership builds on the first phase of cooperation between the two sides, which began in 2023. Under the initial agreement, the PPS and the IDB supported e-procurement development and institutional capacity-building efforts in countries including Honduras, El Salvador and Panama.
The two organizations also jointly hosted the International Public Procurement Workshop twice, bringing together 39 senior officials from 14 Latin American and Caribbean nations to exchange insights on global procurement trends and policies supporting small and medium-sized suppliers.
Through the renewed partnership, the PPS and the IDB plan to move beyond knowledge-sharing toward more hands-on technical cooperation focused on improving transparency and efficiency in the region’s public procurement systems.
A key part of the initiative will involve conducting in-depth assessments of national procurement systems and developing tailored reform road maps.
The two sides also plan to develop standardized contract management guidelines aimed at addressing recurring challenges such as delivery delays and quality control issues.
In addition, they will continue joint policy research and international workshops focused on professional training for public officials.
The PPS said improved transparency and administrative efficiency in the region could help create a more favorable environment for Korean companies seeking to enter Latin American markets.
“The renewal of this MOU marks a new step forward in supporting public procurement reform across Latin America and the Caribbean, building on the success of the past three years of cooperation,” Kang said. “Through our partnership with the IDB, we will continue sharing Korea’s digital procurement experience, including KONEPS, and further strengthen global cooperation.”