Chinese tech giant Alibaba Group set to enter Pakistan
Read original article on the Dawn or read just the key points below
- On Tuesday 16th May 2017, Pakistan signed a Memorandum of Understanding with Alibaba Group Holdings Limited to promote Pakistan’s worldwide exports by Small and Medium Enterprises (SMEs) through e-commerce. Alibaba Group’s Executive Chairman, Jack Ma and Prime Minister Nawaz Sharif witnessed the signing ceremony.
- Under the terms of the MoU, Alibaba, Ant Financial, and TDAP agreed to foster growth of worldwide exports of products by small and medium sized enterprises (SMEs) in Pakistan through e-commerce.
- The Alibaba group has in recent years been aggressively courting foreign brands to set up Tmall stores to sell to China’s vast and growing middle class by offering to smoothen out Chinese sales, payment and shipping processes.
- Alibaba has deep ties with the Chinese government, working closely on some of the country’s core technology development goals including cloud infrastructure and big data.
- China’s Alibaba is not interested in acquisitions this year as it is in partnerships, Alibaba Executive Chairman Jack Ma said on Thursday.