Q1 2024 Activity Overview
The first quarter of 2024 marked the opening quarter of the third year of operations for the public procurement hub and focused on converting the pipeline carried over from 2023 into actual contracts. By leveraging the networks built with BPDB, PGCB, and RHD in the prior year, the hub secured five contract awards worth USD 65 million, equivalent to 32.5% of the annual target of USD 200 million.
During the quarter, the team collected and delivered 95 tender notices and completed 22 buyer matchmaking cases. It also held 48 local meetings to strengthen relationships with key officials at procuring entities and produced six market reports to provide Korean companies with up-to-date procurement intelligence.
Key Procurement Activities
Procurement activity in Q1 was driven by two tracks: power and energy, and transport and construction. In the power segment, the hub concentrated on supporting BPDB's gas turbine replacement project and PGCB's 230kV substation expansion tender. In transport, it helped a Korean supplier win a bridge bearing supply contract for an RHD national highway bridge rehabilitation project.
| Project | Procuring Entity | Value (USD M) | Korean Firm | Item | Contract Date |
|---|---|---|---|---|---|
| Gas Turbine Replacement | BPDB | 28 | Company A | Gas turbine parts | 1/15 |
| Substation Expansion | PGCB | 19 | Company B | Transformers and GIS | 2/20 |
| Bridge Bearings | RHD | 7 | Company E | Bridge bearings | 1/28 |
| Solar Inverters | SREDA | 6 | Company D | Inverters and panels | 3/10 |
| Road Equipment | LGED | 5 | Company F | Compactors and loaders | 3/22 |
Pipeline Development
The newly identified pipeline in Q1 totaled USD 320 million. Power and energy accounted for USD 220 million, or 69% of the total, and the BPDB 600MW combined-cycle power plant project at USD 200 million was the largest single opportunity. The project is expected to go to tender in the second half of 2024 with ADB financing. Transport and construction represented USD 100 million, or 31%, led by the RHD highway expansion and railway modernization projects. The portion of the pipeline that could realistically be converted into signed contracts within 2024 is estimated at around USD 80-120 million.
Issues and Q2 Action Plan
The first quarter of 2024 marked a strong opening for the third year of public procurement hub operations. By converting the 2023 carried-over pipeline into five wins worth USD 65 million, the hub secured 32.5% of the annual target at an early stage and built a new pipeline valued at USD 320 million. Power accounted for 72% of award value, confirming BPDB and PGCB as the central procuring entities. In Q2, the priority will be preparation for the BPDB CCPP tender alongside expansion into defense and ICT opportunities.