PPS helps local businesses venture into overseas markets
Public Procurement Service (PPS) Administrator Kim Yoon-sang delivers welcoming remarks at the Global Public Procurement Marketplace (GPPM) 2023 at the Ambassador Seoul — A Pullman Hotel in Jangchung-dong, Seoul, Wednesday. Courtesy of PPS
Over 250 local exporters and 90 foreign firms from 21 countries attended Global Public Procurement Marketplace (GPPM) 2023, to foster investor relations and fortify business networks, the country’s public procurement service agency said on Wednesday.
The two-day event jointly organized by the Public Procurement Service (PPS), Ministry of Foreign Affairs and Korea Trade-Investment Promotion Agency (KOTRA) was held face-to-face for the first time in three years at the Ambassador Seoul — A Pullman Hotel in Jangchung-dong, Seoul. Export contracts of $5 million (6.4 billion won) were signed.
A briefing session was held to exchange experiences and know-how on ways Korean exporters can enter the overseas procurement market in relation to United Nations (U.N.) projects. Speakers included officials of the United Nations Development Programme (UNDP) and the United Nations International Children’s Emergency Fund (UNICEF).
A variety of booths were established where local firms and overseas procurement buyers were able to deepen their understanding on the importance of identifying joint projects for mutual growth.
Among those that drew the most attention from participants were expert consultations on customs and trade disputes, mostly on how best to bolster local firms’ competitiveness in export products by leveraging free trade agreements (FTAs). Others showed keen interest in how to prepare for trade patent disputes and measures to fortify overseas intellectual property rights protection.
The attendees said they were thrilled to attend this year’s event to explore joint business opportunities.
Attendees of the Global Public Procurement Marketplace (GPPM) 2023 listen to a speech delivered by Public Procurement Service (PPS) Administrator Kim Yoon-sang at the Ambassador Seoul — A Pullman Hotel in Jangchung-dong, Seoul, Wednesday. Courtesy of PPS
Kamal Sharma, CEO of Kambill Systems, a simulator services technology firm and a drone manufacturer in India, said he seeks partnerships with high-tech Korean firms in the field of digital twin and global information systems.
“The world is going to become more digitized, a reason we are mostly going to invest in digital twins, so that the global information system becomes more feasible, more informational as well as more reliable for all the human beings.”
The CEO said discussion is ongoing with Korea’s two digital services providers for cooperation.
“We are evaluating some of the companies here. We already discussed some projects with MMP and IGIS. After we have the software, stitch it together to make a digital twin feasible business model.”
Varun Trehan, Deputy General Manager of Corporate Marketing and Business Development at Lumax, India’s leading auto headlamps, lighting and gear shifter manufacturer established 70 years ago, said the event deepened his understanding of advanced technologies in parts suppliers.
“I came to know a number of different suppliers and what they’re doing and where the technology is going. In India, there’s a bit of a lag in technology. It was a good opportunity to understand what is going globally and then replicate the same in India.”
In India, the deputy general manager added, market observers say that Korea’s auto titan Hyundai Motor and its affiliates Kia and Lumax would work together.
“There is discussion that SL-Lumax will work with Hyundai and Kia,” he said. SL is a Korean auto parts manufacturer and business partner of Lumax.
“In India, the No. 1 (automaker) is Japan’s Suzuki and No. 2 is Hyundai Kia. So Hyundai and Kia are equally important for us to how we can introduce our product lines.”
Public Procurement Service (PPS) Administrator Kim Yoon-sang, center, and distinguished guests pose for a photo at the Global Public Procurement Marketplace (GPPM) 2023 at the Ambassador Seoul — A Pullman Hotel in Jangchung-dong, Seoul, Wednesday. Courtesy of PPS
Bhoomika Rawat, Deputy General Manager of Business Development, Regulatory Affairs and Exports at DSS, a biotechnology healthcare and life sciences firm in India, said the quality of Korea-made medical products is very good, a reason she said her firm is looking for further partnerships with strong local players here.
“Korean companies have cutting-edge technologies, and we are planning to bring such products to India. We have an ongoing partnership with Sol Inc., a semiconductor-based cell counter manufacturer. Sol Inc. is coming up with new products for the diagnostic sector and also for the pharmaceutical sector so whenever they come up we are going to expand that partnership to include those products also.”
Diana Win, Senior Managing Director of Royal Queen Services, a management consultancy, said the event helped her connect Korean businesses seeking to enter Singapore.
“I'm very keen to work with these Korean suppliers because Korean companies are very high-tech and very innovative.”
PPS Administrator Kim Yoon-sang said this year’s event is a meaningful occasion where prospective business partners are able to cooperate and bring sustainable growth.
“Less than one percent of local exporters have entered the U.N. procurement market, a reason why more strong industry players are encouraged to expand their presence in the global market of great potential. The government will spare no efforts to bolster export capabilities of small- and medium-sized enterprises (SMEs) and their entry into overseas markets.”