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Alibaba wants to spend $1.1 bln in South Korea, Yonhap reports

Alibaba wants to spend $1.1 bln in South Korea, Yonhap reports

March 14 (mod1s) - Alibaba Group (9988.HK), opens new tab intends to spend $1.1 billion in South Korea over the next three years to create a logistics center and develop operations, South Korean news agency Yonhap said on Thursday, citing a business strategy document of the firm. 

The Chinese e-commerce behemoth wants to invest $200 million this year on developing the logistics center and $100 million to assist small and mid-sized South Korean enterprises sell their goods abroad, the newspaper claimed.

Alibaba did not immediately reply to a Reuters request for comment. 

Earlier this month, South Korea's personal data protection authority announced it is investigating into customer data practices of key international shopping platforms, including Alibaba's AliExpress. 


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