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.

Alibaba did not immediately respond to a Reuters request for comment.

Earlier this month, South Korea's personal data protection watchdog said it is looking into consumer data practices of major overseas shopping platforms, including Alibaba's AliExpress.

(Reporting by Shivani Tanna in Bengaluru; Editing by Shweta Agarwal)