Published On: Mon, Jan 9th, 2023

Alibaba President Lauds Turkiye For Its “Great Production Power”

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By Janet Ekstract

ISTANBUL-“There is a great production power in Turkiye which is the most advantageous country in the world in this sense,” Alibaba President Michael Evans said during a visit to Turkuvaz Media Group based in Istanbul. The e-commerce Chinese megafirm Alibaba will be investing over $1billion in Turkiye. Evans said: “We will continue to invest in small and medium-sized enterprises (SMFs) and tradesmen in Turkiye.” Evans added that they “will carry Turkiye’s production power and export potential to Europe and the Middle East.” He pointed out that many G-20 nations have consumption power but no production power. As Evans explained: “Countries with high technology infrastructure and production power will come to the fore. Since we see that Turkiye is very strong in these two areas, it will definitely be advantageous in the G-20.”

Significant is the fact that Trendyol, Turkiye’s largest e-commerce company is being supported by Alibaba. On whether Trendyol should go public, Evans said: “Going public has both advantages and disadvantages. I think it is advantageous to be a public company but Trendyol management should decide this.” He did add: “If they want to go public, we will support them as Trendyol grows.” Meanwhile, Trendyol Group President Caglayan Cetin that with a plethora of investors, the company doesn’t need to go public to raise capital now. Cetin explained: “We do not have a short-term plan. If we achieve the growth targets we want in a short time, it may be three to five years.” Alibaba purchased Trendyol in 2018 and raised its stake to 86.5% after the transaction. 

 

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