Alibaba seeks growth in Mongolia with new e-commerce platform selling Chinese goods from wholesale marketplace 1688.com

Meanwhile, the Hangzhou-based giant is also expanding its overseas e-commerce operations to seek new customers amid weak consumer sentiment at home.

The company plans to invest US$1.1 billion in South Korea over the new three years to grow its e-commerce presence by building new infrastructure and supporting local merchants, according to a report by Seoul-based news agency Yonhap in March.

AliExpress, the international online retail platform of Alibaba, has also been in talks to invest US$72.4 million for a 5 per cent stake in Ably, operator of South Korea’s top women’s shopping app, according to a report in April by The Korea Economic Daily.

Mongolia, known for its vast mineral resources such as coal, copper and gold, is seeking to diversify its economy in recent years. Part of the initiative involves enhancing digital infrastructure and connectivity, with e-commerce emerging as a key driver.

The country of 3.4 million people relies on China for investments, while China sees Mongolia as a connector for trade with Central Asia.

Intelmind’s new platform, which strives to facilitate cross-border trade opportunities, “underscores our dedication to driving innovation and fostering economic prosperity in Mongolia”, said company co-founder and CEO Mendbayar Tseveen.

Ulaanbaatar-headquartered Intelmind, which owns or invests in a portfolio of 18 tech companies, in 2017 launched its own online marketplace Shoppy.mn. It has since become one of the major e-commerce platforms in the country.

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Монголия Экономика и Бизнес

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