Alibaba plans to invest $1.1 bln in South Korea, Yonhap reports
A man walks past Alibaba Group's logo at its office building in Beijing, China August 9, 2021. REUTERS/Tingshu Wang/File Photo Purchase Licensing Rights
March 14 (Reuters) - Alibaba Group (9988.HK) 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 e-commerce 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.
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Reporting by Shivani Tanna in Bengaluru; Editing by Shweta Agarwal
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