Participation in bidding for USFK defense goods procurement limited to ROK firms

MND announced that an agreement has been signed with USFK, limiting the participation in bidding for USFK defense goods procurement to ROK firms with less than 50% in shares owned by foreigners and firms with less than 50% of foreigners on the board of directors. This tightens the definition of Korean firms under the under Cost Sharing Implementing Agreement (LCSIA), excluding firms that are subsidiaries of foreign firms or are practically under foreign control. USFK defense goods procurement executes a budget of KRW 150 billion a year for supplies, facility maintenance, transportation, and base operations.

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