S. Korea to export online trade support system to Libya

By Lee Joon-seung
SEOUL, Aug. 17 (Yonhap) -- South Korea will export its online trade support
service system to Libya in a deal expected to help companies cut administrative
costs and boost competitiveness, the government said Monday.
The Ministry of Knowledge Economy said the US$9 million, two-year-long deal calls
for local companies to set up a "e-trade window" in the North African country and
develop 80 different types of on-line documents.
The e-trade window calls for the relaying of electronic documents, systems safety
and confirmation measures, and how to charge service fees for users.
"The export of the South Korea's 'uTradeHub' system is noteworthy because it
sidestepped challenges by Spain and Singapore and places the country in a good
position to win a $6 million follow-up contract down the road," said a official.
He said the contract is testament to the country's prowess in this sector.
Opened on July 29, 2008 the uTradeHub is the world's first operational online
commerce system designed to incorporate all trade-related paperwork into a single
Internet-based application.
The ministry said the system is the culmination of nearly 20 years of research,
and can produce export bill purchase negotiations (e-Nego), bills of lading
(e-B/L) and letters of credit (e-L/C) that can help improve productivity.
The uTradeHub can also help small- and medium-sized enterprises -- which do not
have the resources to set up their own internal paperless business systems -- to
cut logistics costs and facilitate the settlement of accounts.
Korea Trade Network, which developed the system is the main contractor with SK
C&C, a local systems integration company, to play an important role in the Libyan
deal. More than 10 other companies are expected to take part in the Libyan
project.
Libya is the second richest African country in terms of per capita gross domestic
product, due to its large oil reserves and small population.
The ministry said that securing the contract can help South Korea win additional
arrangement with neighboring countries.
Seoul plans to hold a e-government promotional event in Morocco later in the
month that can highlight the advantages of a on-line administrative and trade
system to representatives from other countries.
yonngong@yna.co.kr
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