The competent authority in the Republic of Korea is the head of the central administrative agency responsible for an infrastructure PPP project. If the project is a national one, the competent authority is a central government ministry. If the project is a regional one, it is the head of the relevant local government. This is also the case if the project is subsidized by the central government but implemented by a local government. Table 12.2 shows the key agencies promoting PPP systems.
Table 12.2: Government Organizations Promoting PPP Systems in the Republic of Korea
Key Agencies | Function |
Ministry of Economy and Finance (Fiscal Management Bureau) | The ministry oversees general fiscal management and has two primary tasks: (i) to formulate medium- to long-term fiscal strategies and a roadmap for fiscal consolidation, and (ii) to manage budget spending and assess fiscal performance to improve fiscal effectiveness. |
Public and Private Infrastructure Investment Management Center (PIMAC) | Responsible for supporting PPP projects implemented by the private sector and competent authorities under the PPP Act. PIMAC provides the feasibility analysis of large- scale projects, and evaluates project plans. |
Source: Authors.
Under the PPP Act, the Public-Private Partnership Review Committee was established as a unit under the Ministry of Economy and Finance to oversee policies and decisions affecting large-scale PPP projects. The 2011 amendment of the PPP Act was to establish the Committee for Mediation of Public-Private Partnership Project Disputes under the direct jurisdiction of the minister of strategy and finance.