Alibaba Group Holding Ltd. has signed a memorandum of understanding with the Trade Development Authority of Pakistan to foster growth of exports by small and medium sized enterprises in Pakistan through its e-commerce platforms, in another step in Alibaba's international push.
Globalization is one of the most important strategy for Alibaba. Its founder and executive chairman Jack Ma has just completed visiting Mexican President Enrique Peña Nieto and Argentine President Mauricio Macri earlier this month, and is scheduled to visit Africa in July to ink similar deals.
Under the terms of the Pakistan memorandum, which was signed during Pakistan Prime Minister Nawaz Sharif’s visit to Alibaba's headquarters in Hangzhou, Alibaba and its financial services affiliate will assist and train Pakistani businesses to export their products through Alibaba's e-commerce channels, the company announced today.
"I am honored to have had the opportunity to visit the Alibaba Headquarters in Hangzhou, China. Today by entering into this agreement with Alibaba and Ant Financial, we further strengthen mutual cooperation and look to bring about a positive change for our small and medium enterprises," said Mian Muhammad Nawaz Sharif, prime minister of Pakistan.
The Trade Development Authority of Pakistan will help identify suitable enterprises to participate in Alibaba's training programs, while Alibaba will be providing industry analysis to the trade department to assist them in their selection process.
In addition, the parties have agreed to promote the growth of financial services in Pakistan in areas such as mobile and online payment services, two strong areas for Ant Financial. The parties have also agreed to adopt cloud computing services to support the online and mobile e-commerce businesses of small and medium enterprises in Pakistan.
"With the globalization of e-commerce, developing countries are well-placed to support the growth of their small and medium enterprises and to seize opportunities which can help bolster their economies," said Alibaba's Jack Ma. "Pakistan has seen significant progress in recent years and we look forward…to further enhance the potential of their SMEs."