Chinese e-commerce giant Alibaba Group Holding Ltd (9988.HK) has informed Turkish President Tayyip Erdogan of its intention to invest $2 billion in Turkey. This announcement was made by Michael Evans, the president of Alibaba, during a meeting with Erdogan. The company’s Turkish unit released a statement confirming the investment but did not provide a specific timeline for its implementation.
In addition to the $2 billion investment, Evans also revealed that Alibaba has already invested $1.4 billion in Turkey through its subsidiary Trendyol, which is a well-known e-commerce platform in the country. The statement did not provide further details about the timing or nature of these investments.
President Erdogan is currently in the United States to attend the 78th session of the U.N. General Assembly. During his visit, he met with Michael Evans and Caglayan Cetin, the president of Trendyol, to discuss the investment plans. Evans shared information about upcoming investments, including a data center, a logistics center in Ankara, and an export operation center at Istanbul Airport.
The news of Alibaba’s significant investment in Turkey highlights the growing interest of Chinese companies in the Turkish market. This move is expected to boost Turkey’s e-commerce sector and strengthen economic ties between the two countries.
The article was written by Can Sezer and edited by Daren Butler, with additional editing by Edwina Gibbs. The reporting adheres to The Thomson RushHourDaily Trust Principles.
