Senior Correspondent, IndianRetailer.com & Retailer Magazine Apr 19, 2018 / 2 MIN READ
The Chinese e-commerce giant Alibaba has agreed to step up investments in Thailand.
The founder of the online shopping giant, Jack Ma, met with Thailand's prime minister, Prayuth Chan-ocha, on Thursday and signed an agreement to help set up a "smart digital hub" to facilitate trade between Thailand, China, Laos, Myanmar, Cambodia, and Vietnam.
Reports said the hub, estimated to complete next year, would also serve as a research and development center for Alibaba.
The government said Alibaba also plans to help train Thai entrepreneurs and small businesses in e-commerce and to set up an online tourism platform.
The announcements included no dollar figures. Thai media reported that Alibaba plans to invest 11 billion Thai baht ($350 million) in a showcase government project called the Eastern Economic Corridor.
As a crucial player in China's expansive digital economy and the operator of a prominent online shopping platform, Alibaba's performance is closely watched as a barometer of domestic consumption, which has shown signs of weakening recently.
Alibaba and China Post inked a framework deal with an ambition of delivering online purchases to any place in the country within 24 hours.
A Reliance Capital spokesperson declined to comment on the deal while Paytm spokesperson also did not comment.
Prior to Alibaba backing the company had raised about Rs 360 crore from investors
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