ID :
183708
Mon, 05/23/2011 - 04:54
Auther :
Shortlink :
https://oananews.org//node/183708
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S. Korea's share in U.N. procurement market falls
SEOUL (Yonhap) - South Korea's share of the United Nations procurement market is dropping despite its growing financial contribution to the world body, the trade ministry said Monday, apparently as local businesses shun the difficult and tedious process of winning U.N. deals.
The country's share in the US$13.8 billion U.N. procurement market declined to 0.34 percent in 2009 after reaching its peak at 0.51 percent in 2007, according to the Ministry of Foreign Affairs and Trade.
The fall contrasts with a rise in its contribution to the world body. South Korea has nearly doubled its financial contribution to the U.N. since its former Foreign Minister Ban Ki-moon became secretary-general of the world body in 2007, shouldering 2.26 percent of all U.N. spending from 2010 to 2012, the world's 11th-largest donor.
A ministry official said one of the reasons for the drop may be the difficult process of preparing all documents in English and also the prolonged process of winning a deal that usually takes one year.
"There is a need for local businesses to more actively seek new opportunities in the U.N. market as they, along with the start of the Korea-EU free trade agreement, will open up doors to the vast procurement market of Europe," the ministry official said.
The country's share in the US$13.8 billion U.N. procurement market declined to 0.34 percent in 2009 after reaching its peak at 0.51 percent in 2007, according to the Ministry of Foreign Affairs and Trade.
The fall contrasts with a rise in its contribution to the world body. South Korea has nearly doubled its financial contribution to the U.N. since its former Foreign Minister Ban Ki-moon became secretary-general of the world body in 2007, shouldering 2.26 percent of all U.N. spending from 2010 to 2012, the world's 11th-largest donor.
A ministry official said one of the reasons for the drop may be the difficult process of preparing all documents in English and also the prolonged process of winning a deal that usually takes one year.
"There is a need for local businesses to more actively seek new opportunities in the U.N. market as they, along with the start of the Korea-EU free trade agreement, will open up doors to the vast procurement market of Europe," the ministry official said.
