Pakistan has signed MoU with Alibaba group on Tuesday to initiate an e-commerce platform in Pakistan.
Alibaba Group’s Chairman, Jack Ma, and Pakistan’s Prime Minister Nawaz Sharif signed the documents in a signing ceremony at the headquarters of Alibaba Group Holdings.
PM thanked and appreciated the Alibaba group’s efforts to bring Pakistan on the global stage of e-commerce, he also appreciated Alibaba’s performance and global presence in the eCommerce industry.
“E-commerce is a powerful tool to stimulate economic activity, effort, innovation, and entrepreneurship across all sectors of the economy,” the prime minister added.
PM said when Jack Ma first informed me about his interest in developing an eCommerce platform in Pakistan I instructed my office to cooperate with Alibaba Group and go the extra mile in assisting them.
The agreement took place between the Trade Development Authority of Pakistan (TDAP) and Alibaba Group Holdings Ltd which was signed by commerce minister Khurram Dastagir, Michael Evans, president of Alibaba Group and Douglas Feagin Senior Vice President of Global Business of Ant Financial. The MoU was signed at the headquarters of Alibaba Group When PM visited the office.
According to the terms of MoU, Alibaba Group has agreed to foster the growth of Pakistan’s exports worldwide accommodating small and medium businesses. Alibaba will also conduct training sessions with small and medium businesses that will assist businesses to optimize their products.
TDAP will be involved in selecting SME’s to participate in training programs, Alibaba will focus more on industry analysis and insights as well as training.
TDAP and Alibaba also pledged to promote financial services in Pakistan, mobile, and internet payment systems. As currently there is a lot of gap in online financial services in Pakistan financial services and systems development becomes prudent.
Ecommerce industry in Pakistan needs a lot of attention; the market has huge potential to grow but there are barriers in growth as well, Alibaba and TDAP are collaborating to remove those barriers to streamline the fast growth of the industry.
However, China and especially Alibaba has been criticized internationally to harbor counterfeiters, it is estimated that 70% of the fake goods sold globally have an origin in China. Jack Ma also called upon the Chinese government to take hard on Counterfeiters which is damaging there as well as the country’s reputation worldwide.
Alibaba focusing more on Partnerships rather than Acquisitions
Alibaba Group is not interested in acquisitions this year as it is collaborating with other organizations in Pakistan, we are more into partnerships currently, Jack Ma said on Thursday.
“We are not interested in acquiring businesses. We are more interested in developing partnerships,” Ma said at a news conference, in answering the question for the plans during the year. “We want to look for partners and empower them to be powerful,” he added.