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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.
This article was updated 4 days ago