The South Korean government is introducing a revised bill on bidding methods... as part of efforts to support innovative growth and help create jobs.
The finance ministry says the revision on national contract law will cover all private contracts between manufacturers and government institutions to help purchases of innovative goods and services.
To prevent manufacturers buying low cost, low quality goods, the ministry says existing low-cost bidding contracts will be abolished.
In addition, companies that create more jobs will be given extra bidding benefits.
The revised bill is expected to be proclaimed and implemented later this year.
