Putin: Full support for the development of Alibaba in Russia

13/09/2018

Alibaba and Russia’s Direct Investment Funds(RDIF), Mail.Ru Group, MegaFon announced a new strategic partnership, showing that Alibaba contributes to the development of the digital economy in various countries and injects momentum into the prosperity and development of the world economy

 

This forum is the fourth time that Putin and Jack Ma met. At the Putin Entrepreneur Roundtable, Putin expressed his full support for the development of Alibaba in Russia. Last year, Russia introduced a digital economy plan. Putin stressed that promoting Russia’s transition to the digital economy is a top priority in the economic field.

 

In October last year, Jack Ma was invited to visit Russia. Jack Ma said in his speech: “In the next 30 years, the Internet will be used like electricity, and data will be more important than oil. Internet, data technology, and digital technology will become inclusive. Providing solutions to sustainability, happiness and health issues.”

 

RDIF, which is cooperating with Alibaba, is a sovereign wealth fund of the Russian Federation. It mainly invests in equity with famous international financial and strategic investors in Russia and is considered to be a catalyst for direct investment in Russia’s economy.

Mail.Ru and MegaFon are Russia’s leading Internet companies and integrated telecom operators, respectively. Alibaba will work with them to form a new joint venture, AliExpress Russia.

Michael Evans, president of Alibaba, said: “This partnership is an exciting step in Alibaba’s internationalization, combining local leadership with our global ecosystem. Through leading consumption with Russia in cooperation with the Internet platform, AliExpress Russia will help digitize and transform the Russian retail value chain, provide consumers with a seamless and innovative experience, and create important opportunities for Russian entrepreneurs and SMEs to develop in the local market and expand in the world. Our experience in other markets around the world has made us qualified to help build the future commercial infrastructure of Russia.”

MORE ON THIS TOPIC

Leave a Reply

Your email address will not be published. Required fields are marked *