- Chinese e-commerce giant Alibaba Group Holding Limited baba has invested over $1 billion to focus on a logistics hub at Istanbul Airport and a data center near Ankara, Turkey’s capital.
- Alibaba was aiming to invest in Europe and the Middle East and saw Turkey as a solid production base, Reuters reports, citing an interview with President Michael Evans.
- Alibaba has considered a full-scale investment plan at Istanbul Airport and proposed an evaluation of its electronic export strategy from Turkey to Europe, the Middle East and the Far East.
- Also Read: Alibaba Boosts Japan’s Digital Transformation with 3rd Data Center
- Alibaba is backing Trendyol, one of Turkey’s most prominent e-commerce platforms, Reuters notes.
- “We chose Trendyall because of its advanced technology and high potential. We are positioning it as our base for Europe and the Middle East,” he said.
- Alibaba and its Chinese peers have increased their overseas exposure as they battle domestic regulatory crackdowns and a slowing economy.
- In September, Alibaba Cloud announced plans to double its international presence, including a $1 billion investment.
- Price action: At the last check on Monday, BABA shares traded 4.75% higher at $112.50.
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