According to Yonhap, South Korea will give preferential treatment to companies based outside the Seoul metropolitan area in state contract bidding as part of an effort to promote balanced regional development. The Ministry of Finance and Economy issued an advance notice of proposed revisions to the enforcement decree of the state contracts act and will collect public意见 through the end of August, with the goal of putting the changes into effect in November.
Under the revisions, if bidders receive identical scores in price and capability assessments, preference will go first to companies in regions with population decline and then to other areas outside the Seoul metropolitan area. The amendments would also raise the cap on sole-source contracts for research equipment used in government-funded research and development projects to 50 million won ($33,800) from 20 million won. The government also plans to deny exemptions from bid security deposits to bidders suspected of lacking the qualifications or capability to carry out contracts, including paper companies.
South Korea to Favor Non-Seoul Firms in State Contract Bids
2026-07-21 01:04:20
Disclaimer:
1. The information provided does not constitute investment advice. Investors should make independent decisions and bear all risks themselves.
2. The copyright of this content belongs to the original author. The views expressed herein are solely those of the author and do not represent the stance or position of this website.
