Alibaba plans to invest US$1.1 billion in South Korea: Yonhap

ALIBABA Group plans to invest US$1.1 billion in South Korea over the next three years to build a logistics centre and expand businesses, South Korean news agency Yonhap reported on Thursday, citing a business strategy document of the company.

The Chinese e-commerce giant plans to spend US$200 million this year on building the logistics centre and US$100 million to help small and mid-sized South Korean firms sell their products overseas, the report said.

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

Earlier this month, South Korea’s personal data protection watchdog said it is looking into consumer data practices of major overseas shopping platforms, including Alibaba‘s AliExpress. REUTERS