Alibaba plans to invest $1.1 billion in South Korea: report

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

The Chinese ecommerce giant plans to spend $200 million this year on building the logistics center and $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.