Alibaba Group intends to invest $1.1 billion in South Korea over the next three years, as reported by the South Korean news agency Yonhap.
The investment will focus on establishing a logistics center and enhancing business operations. Specifically, $200 million will be allocated for constructing the logistics center this year, while $100 million will be dedicated to supporting small and mid-sized South Korean enterprises in expanding their product sales abroad.
Additionally, the group intends to allocate an additional $100 million towards aiding small and midsize South Korean enterprises in exporting their products abroad, aiming to assist 50,000 businesses within the next three years.
Alibaba intends to allocate 100 billion won, equivalent to approximately $75.9 million, to enhance consumer protection, an area where it has faced criticism since entering the Korean market.
Earlier this month, the personal data protection watchdog of South Korea announced its investigation into the consumer data practices of leading overseas shopping platforms, which include AliExpress by Alibaba.
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