Continuing its leadership in Asia`s emerging business-to-business (B2B) market, Commerce One, Inc. today announced Commerce One is powering GTWeb Korea, a new, regional e-marketplace in Korea. GTWeb Korea will be the first B2B e-marketplace in Korea to provide a full range of e-commerce products and services. GTWeb Korea plans to offer businesses real-time buying and selling capabilities, helping buyers gain access to a vast network of suppliers to realize lower purchasing costs and allow sellers to extend their buying community.
As a participant in the Global Trading Web, the world`s largest B2B trading community, GTWeb Korea will provide access to global e-commerce markets for regional trading partners throughout Korea. Commerce One also powers several other Asia Pacific e-marketplaces in the Global Trading Web, including NTT Communications, Mitsubishi, Asia2B, Com2B, SeSAMi, TradeAlliance and Cable & Wireless Optus.
"GTWeb Korea is another in a series of major milestones in our efforts throughout Asia in moving business trade onto the Web," said Mark Hoffman, chairman and CEO of Commerce One at the GTWeb Korea launch ceremony. "We believe GTWeb Korea is poised to be a major player in this region due to its expertise and deep understanding of specific industrial sectors."
GTWeb Korea is a joint venture between Commerce One and some of the largest conglomerates in Korea such as: LG Electronics; car manufacturer Hyundai; information and telecommunications giant Dacom; Kumho Group, a conglomerate focusing in tires, petrochemicals, transportation, aviation and construction; and Samyang Corp., which specializes in polyester, food, livestock feed, chemicals and environmental engineering,GTWeb Korea will initially focus on indirect goods and eventually expand into industrial sectors specializing in the chemical, automotive, medical and electronics industries.
"There is a tremendous opportunity to target these industrial areas," said Chung Tae-Ki, chief executive officer of GTWeb Korea. "We believe that by establishing these e-marketplaces we can spur more growth in these industries, create new business opportunities and enhance their overall competitiveness."
Forrester Research has forecast that global B2B e-commerce will hit US$6.3 trillion by 2004 and expects Korea`s B2B e-commerce to rise to approximately US$185 billion by 2004, from a base of US$5.3 billion, a compound annual growth rate of 143 percent.
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