Yi Whan-woo is a Korea Times journalist primarily covering finance. He writes in-depth articles on macroeconomy and financial markets and previously covered sports, politics, diplomacy and inter-Korean affairs, among others. Feel free to contact him at yistory@koreatimes.co.kr.
Procurement office helps SMEs explore business opportunities with USFK
A representative from the U.S. 411th Contracting Support Brigade is in a one-on-one consultation with Korean businesspeople during Joint Industry Day with the Public Procurement Service (PPS) and the U.S. Forces Korea (USFK) Acquisition Partners in southern Seoul, Wednesday. Courtesy of PPS
By Yi Whan-woo
The Public Procurement Service (PPS) is ramping up efforts to support small- and medium-sized enterprises (SMEs) in exploring business opportunities with U.S. Forces Korea (USFK), officials said Thursday.
The PPS jointly hosted a seminar with USFK on Wednesday to help local small businesses understand how the U.S. military acquires goods and services from the civilian sector through large-scale bids related to combat readiness and operations.
The seminar, Joint Industry Day with PPS and the USFK Acquisition Partners, marked the first event held in coordination with multiple procurement entities within USFK.
It took place at PPS’ regional office in southern Seoul, attracting about 150 Korean procurement service firms.
From the U.S. side were the Army Corps of Engineers, 411th Contracting Support Brigade, Defense Logistics Agency and Non-Appropriated Funds.
The four, according to the PPS, are key entities responsible for USFK procurement.
A one-on-one business consultation is underway between U.S. Army Corps of Engineers and a Korean procurement service company during Joint Industry Day with the Public Procurement Service (PPS) and the U.S. Forces Korea (USFK) Acquisition Partners in southern Seoul, Wednesday. Courtesy of PPS
The participating Korean companies promoted their products and services to USFK contracting officers and talked about potential strategies for successful delivery.
The U.S. procurement entities explained the bidding process through one-on-one consultations with corresponding firms.
“This event served as a platform for interactive communication, going beyond a basic introduction to the bidding process," PPS Director Kim Hye-kyeong said.
The director referred to the USFK procurement market as “relatively stable in the middle of global trade uncertainties."
Accordingly, Kim expressed hope that the market “can serve as a stepping stone for domestic companies seeking to enter U.S. military bases abroad or even the U.S. mainland."
“We will continue to institutionalize the Joint Industry Day and provide follow-up support, including guidance on the bidding process and vendor registration, to help qualified SMEs access the USFK market,” Kim added.
Operated under the wing of the Ministry of Economy and Finance, the PPS is in charge of procuring goods and services for all state-run organizations.
The procurement is made through bids and projects, among other methods.