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Alibaba Group Holding Ltd. has announced plans to invest a further $2 billion USD in Turkey, following a recent meeting between the Chinese giant and Turkish President Recep Tayyip Erdogan.
Alibaba has continued confidence in Turkey
Michael Evans, the head of the Chinese company made the announcement on Friday evening after a meeting with the Turkish President. A statement was released from its Turkish unit Trendyol, saying: “The company has confidence in Turkey’s sound economic fundamentals.”
Alibaba has already invested a huge $1.4 billion USD in Turkey through Trendyol. Trendyol is currently Turkey’s biggest e-commerce marketplace with Evans explaining that Turkey has the potential to become a leading e-export country in the near future.
Trendyol Investing in Ankara and Istanbul
According to the statement released, Evans elaborated on the creation of a new world-class data center and logistics center that will be housed in Ankara, Turkey’s capital city. Evans also said that a market-leading export operations center is going to be built in Istanbul at Istanbul Airport.
The meeting was also attended by Caglayan Cetin, Trendyol Group President with plans set to commence in “the coming period” according to Evans.
Trendyol valued at $16.5 billion USD
According to Trendyol, Alibaba now has a 76.1% stake in the e-commerce operator with other investors including: SoftBank Group, General Atlantic, Qatar Investment Authority, and Abu Dhabi sovereign fund.
In 2021 Trendyol reached a valuation of $16.5 billion USD following rapid growth in the e-commerce market in Turkey following the global pandemic.
Turkey’s e-commerce potential
Data shows that Turkey has huge e-commerce potential for investors. In 2022, the total e-commerce volume of Turkey rose by a staggering 109% on the year 2021, reaching an impressive 800 billion Liras.
Currently, data shows that almost a fifth of all shopping in Turkey is done online, with that figure rising year-on-year according to the Trade Ministry. The future looks bright with Alibaba and Trendyol working to ensure that Turkey unlocks its full e-commerce potential.
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