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 comment
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.

This article was updated 1 month ago

BEFORE YOU GO...

Leave a Comment

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

Copyright © – 2024 CIV DigiTech Media Ltd. All Rights Reserved