According to exclusive information obtained by the South Korean news agency Yonhap News Agency, Alibaba Group plans to expand its business footprint in South Korea over the next three years with $1.1 billion in new investment.
Alibaba recently submitted its business plan to the South Korean government. According to the plan, Alibaba will begin construction of a comprehensive logistics center in South Korea this year. The logistics center will comprise an area of 180,000 square meters, equivalent in size to 25 soccer fields.
Alibaba will invest $100 million to help South Korean sellers bring their products to foreign markets. In June, Alibaba will establish a procurement center to source high-quality Korean goods for resale via global sales channels. Alibaba plans to utilize its various e-commerce platforms to sell Korean products, including AliExpress, Lazada (one of the largest e-commerce operators in Southeast Asia), and Spanish e-commerce platform Miravia. Over the next three years, Alibaba aims to support 50,000 South Korean small- and medium-sized enterprises in exporting their products.
Source: Yonhap News Agency, March 14, 2024
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