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Alibaba CEO To Invest In India, Work With Tech Firms

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Alibaba founder Jack Ma, China's wealthiest man, said he is keen to invest more in India and will work with Indian technology entrepreneurs as he believes the internet can transform the country.
 
On his first visit to India, the founder of the world's biggest e-commerce firm said Alibaba is working with many businesses in India.
 
The Hangzhou-based firm will "invest more in India, work with Indian entrepreneurs and technology companies," he said.
 
Alibaba, which in September raised $25 billion in a record initial public share offering, already has on its site a large number of small Indian businesses selling goods ranging from spices to chocolates to tea.
 
"I myself commit that we will invest more in India, work with Indian entrepreneurs, India technologists to improve the relationship of the two nations and to improve the great lives of human beings," Ma said at a FICCI event in New Delhi.
 
Ma, 50, is likely to meet a number of local businesses to possibly get more Indian products on Alibaba as well as look at expanding into India's e-commerce market, possibly through online marketplace Snapdeal.
 
Praising Prime Minister Narendra Modi's leadership, Ma, said it is the best time for China and India to work together.
 
"I have heard the Prime Minister's speech and it is very passionate and inspiring. As a businessman, I was inspired and moved by it," he added.
 
"There are a large number of Indian businesses on our websites. We have over 400,000 Chinese consumers buying Indian chocolates, spices and tea. I think India has more great products that can be sold to China," said Ma, who has a networth of nearly $30 billion.
 
MoUs Signed
Indian and Chinese companies have signed memorandums of understanding (MoUs) worth $2.4 billion (about Rs 14,800 crore), which include developing the $1.5-billion India International Trade Centre in Gujarat.
 
A 100-member strong business delegation from China, including the Alibaba founder, held talks with their Indian counterparts on how the two countries could further widen their economic engagement.
 
The meeting was organised by FICCI in partnership with Zhejiang Federation of Industry and Commerce and support of the Chinese Embassy.
 
"MoUs worth over $2.4 billion were signed at the conference. Amongst the MoUs signed today, the biggest is between Kunlun Chuangyuan Investment Co (Zhejiang) and Kiri Infrastructure (India) for the project 'India International Trade Center in Gujarat' worth $1500 million," FICCI said on Wednesday.
 
(PTI)