Internet Daily Asia
|
|
Commerce One powers GTWeb Korea
Street time for NTT's L-mode; Sharp at 7-11
By Gail Nakada, CBS.MarketWatch.com
Last Update: 4:34 AM ET Nov 27, 2000
Newswatch
Latest Headlines
Get News Alerts
Forrester Research forecasts that global e-commerce will hit U.S. $6.8 trillion by 2004, with South Korea's B2B e-commerce rising to U.S. $21 billion by 2004 on a base of U.S. $6 billion. That marks a compound annual growth rate of 143 percent. Current economic problems may somewhat cloud this sunny forecast for South Korea's B2B future but, despite uncertainty in the industrial sector, the lure of global procurement is increasingly driving Korean corporations on to web-based marketplaces.
Commerce One (CMRC: news, msgs) today announced it's powering GTWeb Korea, a new, regional e-marketplace that plans to offer businesses real-time buying and selling capabilities, helping buyers gain access to a large network of suppliers thereby lowering purchasing costs and extending their buying community. GTWeb Korea is a joint venture between California-based Commerce One and some of the largest conglomerates in Korea including LG Electronics; Hyundai Automotive; information and telecommunications giant Dacom; Kumho Group, a conglomerate focusing on tires, petrochemicals, transportation, aviation and construction for Kumho Construction; and Samyang Corp., which specializes in polyester, food, livestock feed, chemicals and environmental engineering. The B2B venture will initially focus on indirect goods but plans to expand into industrial sectors specializing in the chemical, automotive, medical and electronics industries. Commerce One also powers several other Asia Pacific e-marketplaces in the Global Trading Web, including NTT Communications, Mitsubishi (MSBHY: news, msgs) , Asia2B, Com2B, SeSAMi, TradeAlliance and Cable & Wireless Optus.