South Korean commerce minister calls for cyber trade law

Seoul, Jan 27 (Asia Pulse) - South Korea's Commerce, Industry and Energy Minster Kim Young-ho on Thursday said his ministry would revise the current external trade laws to lay the legal groundwork for cyber trade.

In an e-commerce forum at the Shilla Hotel, Kim said, "The ministry will expand e-commerce network in eight fields: electronics, autos, steel, shipbuilding, heavy industry, fabrics, electricity and distribution." For that purpose, the ministry will come up with large-scale financial assistance.

"E-commerce between businesses and consumers through cyber malls is only the tip of the iceberg and the government will make efforts to galvanize cyber transactions among businesses and in overall manufacturing, which takes up 80 percent of the total e-commerce," he said. Robert Felton, chief of the Seoul branch of McKinsey, also stressed the ever-expanding importance of e-commerce, calling it the most basic element for next-generation business.

The five crucial elements of e-commerce is conversion in the way of thinking, fast action, forming alliances and partnerships, establishment of cyber infrastructure and dependable human resources. The ministry and the Federation of Korean Industries have jointly been promoting projects on studying the current situation of e-commerce and mapping out appropriate strategies on a national basis.