Invest KOREA

According to Yonhap News,

(SEOUL=Yonhap News) Chinese commerce giant Alibaba Group said Monday it will lend full support to South Korean companies wanting to expand their presence in the world's second-largest market.

South Korea was the fourth-largest exporter on Alibaba's cross-border e-commerce platform, Tmall Global, in 2017, following Japan, United States and Australia, the company said.

"Alibaba Group's long-standing passion is to help companies expand their business across borders and thrive in new markets," Angel Zhao, Vice President of Alibaba Group, said during a business briefing session in Seoul.

South Korea's beauty industry, among others, has shown remarkable presence in the Chinese market, Alibaba officials said. They forecast that local brands could attain a greater market share with sophisticated products down the road.

The Chinese government earlier announced it will import US$8 trillion worth of products in the next five years.

"We have seen Korean brands and merchants grow in popularity constantly among Chinese consumers. We hope this event was helpful for Korean brands and merchants seeking consultation on extending brand presence to China," said Danny Chung, Alibaba Group Korea General Manager.

Over 1,000 representatives from local small and medium-sized enterprises (SMEs) across various industry sectors attended the event, co-organized by the Korea International Trade Association, the company said.

scaaet@yna.co.kr

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** This article was translated from Korean.

Source: Yonhap News (June 11, 2018)