The world's largest online auction and shopping mall eBay will set up its Asia-Pacific headquarters in Korea early next year.
Korea is the U.S. online auctioneer's fourth largest market, providing over three quarters of its revenue in Asia, and is located between two other crucial markets, China and Japan.
eBay Chief Executive Meg Whitman in Busan for APEC said the company was just at the beginning of what could be an enormous business, stressing that the location was perfect.
Earlier in the day, Ms. Whitman and Korea's Commerce, Industry, and Energy Minister Lee Hee-beom signed a memorandum of understanding, to build the headquarters in Seoul.
The eBay CEO told Minister Lee that 30 percent of Koreans have an eBay account and e-commerce is expected to arise.
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