Alibaba Unveils $2 Billion Turkey Investment in Erdogan Meeting

📆 18/09/2023 12:56:00
📰 YahooFinanceCA

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(Bloomberg) -- Alibaba Group Holding Ltd. announced plans to invest $2 billion in Turkey after a meeting with President Recep Tayyip Erdogan.Most Read from BloombergMGM Resorts Hackers Broke In After Tricking IT Service DeskHow Auto Executives Misread the UAW Ahead of Historic StrikeEurope Is Better Prepared If Trump Wins Again, Germany’s Baerbock SaysUS, Chinese Officials Meet in Malta in Bid to Keep Channels OpenHouse Republicans Prepare to Turn US Government Shutdown Into Immigration ClashThe

The head of the Chinese giant, Michael Evans, made the announcement after the meeting in Istanbul on Friday, according to a statement from its Turkish unit Trendyol. He indicated that the company has “confidence in Turkey’s sound economic fundamentals” and has already invested $1.4 billion in the country through Trendyol, Turkey’s biggest e-commerce marketplace.

Evans elaborated on the creation of a world-class data center and a logistics center in Ankara, as well as a market-leading export operations center at Istanbul Airport. Turkey launched an antitrust probe into Trendyol in 2021. In July, Turkey’s top court upheld a law tightening regulation on e-commerce companies in a blow to the company.

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Alibaba Unveils $2 Billion Turkey Investment in Erdogan MeetingAlibaba Group Holding Ltd. announced plans to invest $2 billion in Turkey after a meeting with President Recep Tayyip Erdogan.
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