Tech

Chinese Tech Giant Ali Baba Is All Set To Enter Pakistan

Ali Baba Group, World’s largest E-Commerce China-based E-commerce giant and Development Authority of Pakistan (TDAP) has just signed the Memorandum of Understanding (MoU) to promote Pakistan’s worldwide exports by Small and Medium Enterprises (SMEs) through e-commerce.

The MoU was signed by Khurram Dastgir (Minister for Commerce Pakistan), Michael Evans (President Alibaba Team) and Douglas Feagin (Senior Vice President Worldwide Company of Ant Financial) on behalf of Alibaba, Dawn newspaper reported.

Prime Minister of Pakistan Nawaz Sharif and Executive Chairman of Alibaba Jack Ma were present at the signing ceremony. Alibaba and TDAP agreed to boom modest enterprises in Pakistan through electronic commerce.

Furthermore, Alibaba, Ant Financial, TDAP and have consented to stimulate fiscal growth in Pakistan in places like on-line payment system.

“I am glad my meeting with Jack Ma at the World Economic Forum in January has come to fruition in the shape of the MoU we have just signed,” Sharif said.

He further added in his speech: “My appreciation of Ma’s dynamism and performance of (the Alibaba) group comes not only from its success as an e-commerce giant but more so from the focus of the group on job creation and livelihood generation,”

Ali Baba will also conduct online and offline training programs to assist small enterprises for optimizing exports through e-commerce.

Prime Minister said, “the initiative will help create more opportunities for people working in e-commerce sector and generate more jobs in the country.”

While speaking to the audience Jack Ma said, “E-commerce has been established for developing countries and for SMEs. Pakistan has seen significant progress in recent years and we look forward to working together with TDAP to further enhance the potential of their SMEs through the signing of this MoU”.

The parties also agreed to utilize cloud computing solutions to support small businesses in Pakistan in areas such as mobile and online payment services in Pakistan, according to the report.

Alibaba is not interested in acquisitions

“I am not interested in acquisitions. I am more interested in partnerships,” Ma said at a news conference on Alibaba’s Olympic sponsorship deal when he asked about his company’s plans for the year. “We want to look for partners and empower them to be powerful,”  Alibaba Executive Chairman Jack Ma said

In addition to Alibaba visiting Pakistan, yet another improvement for Pakistan before today has become the upgrade that MSCI Index was upgraded to its market categorization that is emerging from frontier market.