startups

Alibaba Plans $1 Billion Investment In Turkey

Alibaba

Alibaba is one of the fastest growing brands in the world, according to a new report from Millward Brown.

 

The Chinese e-commerce titan has seen its value rise by more than $50 billion since 2017, making it worth more than Disney, Coca-Cola and McDonald’s combined.

 

Alibaba’s rise is largely attributed to its success in online shopping, but the company is also expanding into other areas like cloud computing and will soon launch its own digital currency.

 

Alibaba Group Holding Ltd. is in talks to invest $1 billion in Turkey, according to people familiar with the matter, as the Chinese Internet giant seeks new growth and a foothold in the Middle East.

 

The amount would be one of Alibaba's biggest investments outside China and would make it the company's largest overseas investment to date. It would also mark a fresh sign of China's growing interest in Turkey, which is eager for foreign direct investment after years of European and U.S. dominance.

 

Alibaba did not immediately respond to requests for comment on its plans for Turkey. A spokesman for Turkey's Ministry of Trade said he was aware of Alibaba's plans but declined further comment because the deal had not been finalised . Alibaba Group Holding LtdChina's largest e-commerce company, plans to invest $1 billion in Turkey, becoming one of the largest investors in the Turkish economy.

 

Alibaba confirmed the news on Tuesday and said it is investing in Turkey through its venture arm Alibaba Group Holding Limited Partnership. The Chinese e-commerce giant will open a center in Istanbul with the investment, which is expected to create 1,000 new jobs.

 

Alibaba’s vice president of international business Jonathan Lu told CNBC: “Turkey is a very important market for us … We are seeing a lot of interest from customers there and we think that this investment will help us grow even more in Turkey.” Alibaba Group Holding Ltd. plans to invest $1 billion in Turkey and hire 500 people, the company said Thursday.

 

The Chinese internet giant said it will open an office in Istanbul, making it the first international business to be based there. The office will house Alibaba's operations centre for Turkey and will be led by Director of Marketing and Sales Nizamettin Demirsoy.

 

Alibaba, which owns the South China Morning Post and has been expanding into Southeast Asia and Africa, said Turkey is one of its fastest-growing markets. The company said it expects its revenue from Turkey to increase fivefold over the next five years. Alibaba Group is planning to invest $1 billion in Turkey, according to Al-Monitor.

 

The Chinese e-commerce giant said it will establish a Business Services and Logistics Center in Istanbul's first business district, called Taksim Square.

 

Alibaba has been working on the project since 2016 and when completed it will be one of the biggest logistics centres in Europe. The company already has an office in Istanbul's second business district, which used to be known as Haydarpaşa but has been renamed as Kavaklıdere due to a redevelopment project.

 

Alibaba Group has become one of the fastest growing brands on earth, and its e-commerce platform is now the world's largest. It's only natural that people would want to know more about how it came to be so successful.

 

Alibaba was founded by Jack Ma in 1999. He was a computer science student at Wharton who had an idea for an online marketplace that would sell directly to consumers rather than through retailers.

 

Ma and his co-founders launched Alibaba in 1999, offering users a place to buy anything from clothes to electronics and food. The company has since expanded into other areas, including entertainment and travel, but its core business remains what it started: selling stuff online.

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