Alibaba is investing $320 million in the Thai government’s Eastern Economic Corridor, according to Reuters. The deal will strengthen the presence Alibaba already has established in Thailand through Lazada, one of the nation’s largest e-Commerce businesses.
Alibaba will serve as a digital hub that connects Thai agricultural products to the Chinese and global markets. The investment also includes a regional logistics center for Lazada; a trade and digital economy development partnership; and investments in joint ventures to help develop digital skills and promote tourism, according to The Wall Street Journal.
Alibaba is expanding its presence in Thailand as its rivals make their own investments in the country, which has a population of 69 million. In September 2017, JD.com said it would form a $500 million joint venture in e-Commerce and financial technology with Central Group, a Thai retail conglomerate.
- EBay Sells $1.1B Flipkart Stake In Wake Of Walmart Deal, Relaunches India Business
- Canadian Tire Expands International Presence With Helly Hansen Purchase
- Walmart Beats Amazon To $16 Billion Flipkart Deal, Brings E-Commerce Battle To India
- BorderX Lab Raises $20M To Expand Shopping App Beyond China
- Alibaba Boosts Revenue 60% In FY2018, Grows User Base