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Alibaba Group plans to invest US$1.1 billion in South Korea over the next three years to build logistics centers and expand the company’s business, South Korea’s Yonhap News Agency reported on Thursday, citing business strategy documents.
According to reports, the Chinese e-commerce giant plans to spend US$200 million this year to build a logistics center and US$100 million to help Korean small and medium-sized enterprises sell products overseas.
Alibaba did not immediately respond to Reuters’ request for comment.
Earlier this month, South Korea’s personal data protection regulator said it was investigating the consumer data practices of major overseas shopping platforms including Alibaba’s AliExpress.
(Source: Reuters Image source: Unsplash)
