China's AliExpress to invest around 100 bln won in S. Korea

SEOUL, March 9 (Yonhap) -- AliExpress Korea plans to invest about 100 billion won (US$75.7 million) in South Korea this year, the top executive said Thursday, as the online retailer backed by China's Alibaba Group is pushing to strengthen its presence in the growing cross-border shopping market.

The investment is meant "to offer more attractive products and a better cross-border shopping experience for Korean consumers," Ray Zhang, head of AliExpress Korea, said in a news conference in southern Seoul.

The move came as the Chinese e-commerce platform is seeking to strengthen its partnerships with South Korean companies, including Naver Corp., online payment service Kakao Pay Corp. and CJ Logistics Corp., to localize services and scale up its business in South Korea.

South Korea is home to the world's fifth-largest e-commerce market, thanks to its ultrafast internet speed and high internet usage rate among the population.

fairydust@yna.co.kr
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