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eBay to use S Korea as Asia-Pacific benchmark

SEOUL - The chief executive officer of eBay Inc, the world's No 1 online auctioneer, said Tuesday that it seeks to use its operations in South Korea as a benchmark for business in the Asia-Pacific Region.

In a meeting with Commerce and Industry Minister Lee Hee-beom, Meg Whitman said local affiliate Auction will be a model for the success of the company's expanding operations in the region.

Whitman, who was selected by Fortune as the most influential woman executive in the world, said the South Korean market has many strengths that make it an ideal information technology (IT) test bed.

She cited the advanced IT infrastructure, a large number of regular Internet users and strong consumer demand for new products and services.

According to eBay, Auction reported the third-highest return among its 28 operations in the Americas, Europe and Asia, accounting for 70% of all transactions in the Asia-Pacific region. eBay owns 99.7% of Auction.

Minister Lee said eBay's involvement in the South Korean economy has provided the country with advanced marketing and management know-how and helped SOHOs (Small Office/ Home Office businesses) grow.

"eBay has contributed to the development of local e-commerce," Lee said. "Both eBay and South Korea could benefit from making the country the regional hub of the online auction company's operations for the region."

Whitman arrived in South Korea on Monday and met with Minister of Information and Communication Chin Dae-je to discuss outstanding issues related to IT. She is expected to leave for China on Wednesday.

(Asia Pulse/Yonhap)

Nov 10, 2004

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