The Korea Procurement Service (KPS) has officially launched the Innovation Product Support Center on 10th, marking a significant step toward expanding public procurement of innovative products.
As a private-sector-led specialized institution, the center aims to provide systematic and professional support for innovative product projects. By leveraging the diverse and expert perspectives of the private sector, the center will offer comprehensive support, from the discovery of innovative products to public market access and global expansion.
The center’s key responsibilities include:
Discovering and recommending innovative products
Providing education, promotion, and consulting services for both demand agencies and procurement companies
Supporting innovative companies in entering foreign procurement markets
Conducting policy research and overseas case studies to promote public procurement of innovative products
The KPS has been actively supporting small and medium-sized enterprises, venture companies, and innovative companies with technological capabilities to grow into global unicorns by using public markets as a foundation. Through inter-ministerial cooperation, the agency has provided a package of public market access, finance, marketing, and human resources, and has also strengthened support for entering overseas markets by linking with each ministry's export support programs.
This year, the KPS plans to further concentrate its efforts on the growth and leap of innovative companies by providing customized one-stop services through the Innovation Product Support Center.
To ensure the efficient operation of the expanding innovative product project, the KPS has established a legal basis for the operation of a specialized institution in the "Act on Public Procurement." After a fair evaluation by external experts, the Korea Procurement Research Institute was finally selected as the Innovation Product Support Center and will operate for three years from 2025.
"With the designation of the Innovation Product Support Center, we have laid the groundwork for more systematic support for public procurement of innovative products based on private-sector expertise," said Im Gi-geun, Commissioner of the Korea Procurement Service. "We will continue to discover innovative products that support the dynamic economy and provide comprehensive support so that innovative companies can leap beyond domestic markets and into overseas markets, thereby injecting vitality into the people's livelihood and leading economic recovery."
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