Home » Tech » Alibaba to Invest $2 Billion in Turkey, Strengthening Ties with Erdogan

Alibaba to Invest $2 Billion in Turkey, Strengthening Ties with Erdogan

by Vicky Oselumese
0 comments
Alibaba to Invest $2 Billion in Turkey, Strengthening Ties with Erdogan

Alibaba Group Holding Ltd. has announced its plans to invest $2 billion in Turkey, further strengthening its ties with President Recep Tayyip Erdogan.

The head of Alibaba, Michael Evans, made the announcement after a meeting with Erdogan in Istanbul.

The company has expressed confidence in Turkey’s strong economic fundamentals and has already invested $1.4 billion in the country through its Turkish unit, Trendyol.

Evans also expressed support for Trendyol’s international expansion plans and highlighted Turkey’s potential to become a leading e-export country.

While detailed information about the investment timeline was not provided, the plan is set for the “coming period.”

Trendyol, in which Alibaba holds a 76.1% stake, reached a valuation of $16.5 billion in 2021 and has received investments from various entities.

However, Trendyol has faced challenges, including an antitrust probe and a law tightening regulations on e-commerce companies.

Despite these challenges, Turkey’s e-commerce volume has seen significant growth, with a 109% increase in 2020.

Article updated 4 months ago. Content is written and modified by multiple authors.

BEFORE YOU GO...

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

NaijNaira is an online trusted source for the latest news in Nigeria, Nigerian Newspapers reviews, latest politics, Entertainment, Sport news.