Alibaba Weighs $1B Investment In Turkey As Logistics Hub

Chinese e-commerce giant Alibaba Group Holding Limited BABA eyed a logistics hub at Istanbul Airport and a data center near the Turkish capital Ankara with an investment of over $1 billion.
Alibaba aimed to invest in Europe and the Middle East and saw Turkey as a solid production base, Reuters reports citing president Michael Evans' interview.
Alibaba weighed serious investment plans at Istanbul Airport and proposed evaluating e-export strategies from Turkey to Europe, the Middle East, and the Far East.
Also Read: Alibaba To Boost Japan's Digital Transformation With Third Data Center
Alibaba backed Trendyol, one of Turkey's best-known e-commerce platforms, Reuters noted.
"The reason we chose Trendyol was that its technology was advanced, and its potential was great. We are positioning this place as a base for Europe and the Middle East," he said.
Alibaba and its Chinese peers ramped up overseas exposure to beat the domestic regulatory crackdown and economic slowdown.
In September, Alibaba Cloud shared plans to double down on its overseas presence, including a $1 billion investment.
Price Action: BABA shares traded higher by 4.75% at $112.50 premarket on the last check Monday.