KAMCO signs an online MOU on cooperation in the management and development of state-owned property and the privatization of state-run companies in Uzbekistan with the Korea Institute of Public Finance and the SAMA of Uzbekistan at KAMCO Yangjae Tower in Seoul on Feb. 26. (Photo: KAMCO)

Korea Asset Management Corporation (KAMCO) said on March 8 that it will place about 200 orders for construction, service and procurement worth 367 billion won in 2021 to promote the expansion of public development projects such as the development of public land.

KAMCO carries out the development of public land held by the Ministry of Strategy and Finance and local governments, such as the construction of public offices.

KAMCO is expanding public development projects to support the Korean version of the New Deal and SOC projects for local governments in 2021. Its volume of orders is 166 percent of 221 billion won planned for 2020.

In addition to the expansion of projects, KAMCO is planning to expand bids to give design and construction work to builders in order to select companies with technical skills that can offer high-quality construction services and introduce the CM at Risk (CMR) System.

In the review and evaluation of design services, KAMCO will improve evaluation criteria to prevent a few judging committee members’ extreme grades or points from having a big impact on the results of a review and evaluation.

In order to optimize the design of specialized public buildings, such as childcare facilities and sports facilities, KAMCO will form a separate committee with female and private architects.

Special contests will be expanded to allow small but competent companies to participate in KAMCO projects.

Meanwhile, KAMCO plans to consider social and economic value, such as revitalizing local economies.

It will do so by placing top priority on purchasing eco-friendly and innovative products and limiting suppliers of some items to local and small companies in an effort to apply ESG management policies to promoting public development projects.

“We hope that KAMCO’s public development projects will contribute to creating jobs and injecting fresh vitality into local economies,” said Moon Sung-yu, president of KAMCO.

“In the future, KAMCO will faithfully play a role as a public developer to support government policies such as the Korean New Deal.” KAMCO successfully completed 37 national and public development projects, including Nara Kiwoom Jeodong Building in Seoul, since 2005.

At the moment, 44 development projects are underway. They include General Government Complex for Suwon City, which is worth about 1.4 trillion won.

KAMCO signed an online memorandum of understanding with the Korea Institute of Public Finance and the State Assets Management Agency (SAMA) of Uzbekistan at KAMCO Yangjae Tower in Seoul on Feb. 26.

The SAMA is an organization established for efficient privatization of state-owned enterprises and state-owned property.

It is tasked with privatizing state-run companies and making an improvement to the management of state-run enterprises, taking care of state-owned property and restructuring bankrupt and insolvent enterprises.

KAMCO pushed forward with the signing of the MOU in order to transfer experience and know-how in managing and developing state-owned assets and privatization of state-run companies to the SAMA in Uzbekistan and seek ways to cooperate in the future by partnering with the Korea Institute of Public Finance.

The MOU is expected to promote cooperation among the three organizations in various fields, including the provision of economic and legal information, exchanges of market research reports and cooperation measures, employee training and joint research, and consultations.

As the first step, KAMCO will conduct online training for SAMA employees in March.

In addition, KAMCO expects synergy effects in business sectors such as policy advisory consulting and the export of the OnBid System, an advanced online bidding system of the KAMCO through knowledge and human exchanges with the SAMA.

“The MOU will serve as a beginning of gradually carrying out tasks for the reform of Uzbekistan's state-run companies,” said Moon Sung-yu, president of KAMCO.

“In the future, KAMCO will step up its effort to build a successful new northern economic cooperation model by actively sharing and developing knowledge and know-how with the SAMA.”

Meanwhile, KAMCO has been spearheading the expansion of the Korean government’s new northern policy.

It successfully conducted eight Knowledge Sharing Program (KSP) policy consulting projects for Kazakhstan and provided consulting on the recovery of the banking industry and the reinforcement of financial stability in Mongolia for the Asian Development Bank (ADB) and the Mongolian government. It was the first time a Korean state-run company accomplished those tasks.