KAIST Opens Door to U.S. Public Procurement Market
The KAIST Center for Global Public Procurement opened a door so that 16 South Korean companies with innovative technologies can participate in the procurement market of Massachusetts for seven years to come. For reference, the procurement market of the U.S. federal government has a size of approximately 700 trillion won.
The KAIST center was founded in 2018 to conduct research on foreign public procurement markets and help South Korean companies have more opportunities there. Massachusetts is a biotech hub of the United States and is home to more than 1,000 research institutes, hospitals and companies in the industry and 173 colleges and universities in total, which means the local demand for laboratory equipment and articles is high and stable.
The center is working with WestCarb, a local procurement company, and the 16 companies will participate in the market based on their multi-party contracts.