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| Ray Zhang, head of AliExpress Korea, gives a presentation to reporters at a press event in southern Seoul, March 9. Yonhap |
AliExpress Korea plans to invest about 100 billion won ($75.7 million) in Korea this year, the top executive said Thursday, as the online retailer backed by China's Alibaba Group is pushing to strengthen its presence in the growing cross-border shopping market.
The investment is meant "to offer more attractive products and a better cross-border shopping experience for Korean consumers," Ray Zhang, head of AliExpress Korea, said in a news conference in southern Seoul.
The move came as the Chinese e-commerce platform is seeking to strengthen its partnerships with Korean companies, including Naver, online payment service Kakao Pay and CJ Logistics, to localize services and scale up its business in Korea.
Korea is home to the world's fifth-largest e-commerce market, thanks to its ultrafast internet speed and high internet usage rate among the population. (Yonhap)
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