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Alibaba to invest $2 billion in Turkey

September, 18 2023
watermark Economic news

Alibaba Group Holding intends to invest $2 billion in Turkey, including in the construction of new centers in Ankara and Istanbul. This was reported by representatives of Trendyol, the Turkish division of Alibaba.


The company plans to create a data processing center and a logistics complex in Ankara. It is planned to open a center for export operations in Istanbul, which will be located at the local airport.


Information about new investments was presented during a meeting between Turkish President Recep Tayyip Erdogan and Alibaba President Michael Evans.


At the moment, Alibaba's total investment in Turkey through Trendyol is $1.4 billion. Trendyol employees see Turkey as an opportunity to become one of the world's leading exporters in the field of electronics.


Trendyol, founded in 2010, is the largest e-commerce platform in Turkey and also owns a fast food and ready-to-eat delivery service. Alibaba became a shareholder of Trendyol in 2018.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.