Alibaba plans to invest $1.1 billion in South Korea, Yonhap reports

FILE PHOTO: A man walks past Alibaba Group's logo at its office building in Beijing, China August 9, 2021. REUTERS/Tingshu Wang/File Photo

(Reuters) -Alibaba Group plans to invest $1.1 billion in South Korea over the next three years to build a logistics center and expand businesses, South Korean news agency Yonhap reported on Thursday, citing a business strategy document of the company.

The Chinese e-commerce giant plans to spend $200 million this year on building the logistics center and $100 million to help small and mid-sized South Korean firms sell their products overseas, the report said.