The Chinese e-commerce giant Alibaba plans to invest $2 billion in Turkey, according to multiple reports on Monday, in latest sign of strengthening economic ties between Turkey and China.
Michael Evans, the president of Alibaba Group Holding Limited, announced the investment following a meeting with Turkish President Recep Tayyip Erdogan in Istanbul on Friday. Evans said the company has “confidence in Turkey’s sound economic fundamentals” and has already invested $1.4 billion in Turkey through its Turkish unit Trendyol, Turkish media outlets reported, citing a Trendyol statement.
Trendyol did not respond to Al-Monitor’s request for information on the timing of the investment.
Alibaba acquired a majority stake in Trendyol in 2018. The company reached a $16.5 billion valuation in 2021, raising money from the United Arab Emirates’ sovereign wealth fund ADQ, the Qatar Investment Authority and others.