Alibaba announces $2 billion Turkish venture

Alibaba announces $2 billion Turkish venture
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Alibaba Group Holding Ltd announced a $2 billion investment in Turkey, further expanding its existing $1.4 billion stake in the Turkish e-commerce sector through its subsidiary, Trendyol.

The globally renowned e-commerce powerhouse Alibaba Group Holding Ltd confirmed its plans to make a massive $2 billion investment in Turkey, Reuters reported on Monday.

The announcement was made during a meeting between Alibaba's President, Michael Evans, and Turkish President Tayyip Erdogan, as reported by the Turkish unit of the company.

While the timeline for the investment remains unspecified, this gesture significantly bolsters the already robust business relations between Alibaba and Turkey. The announcement comes while President Tayyip Erdogan is in the United States, attending the 78th session of the U.N. General Assembly.

According to the released statement, Alibaba has already paved its way into the Turkish market through its subsidiary Trendyol, a leading e-commerce platform in the nation, with a previous investment amounting to $1.4 billion. This critical meeting also saw participation from Trendyol's president, Caglayan Cetin, who accompanied Erdogan.

During the discussion, Evans provided insights into Alibaba's upcoming projects in Turkey which encompass establishing a data centre and a logistics centre in the country's capital, Ankara. Furthermore, an export operation centre is set to be developed at Istanbul Airport, enhancing the export capacities of the region and potentially creating numerous job opportunities.