“South Korea is the only major global trading nation to have FTAs with the United States, the European Union and China. This uniqueness makes Korea an ideal base for global enterprises seeking market access to the three largest economies in the world. With Alibaba’s ongoing strategy to expand its presence in the global market, it makes sense to increase cooperation with South Korean logistics companies.”
- Choi Kyung-hwan, deputy prime minister and finance minister of Korea
“I agree with you. Now I’m looking at closer ties with South Korean logistics companies. Also, I’m very much interested in introducing Korea’s cultural content to China. Alibaba is discussing with various companies to invest in TV dramas, movies and entertainment businesses.”
- Ma Yun (Jack Ma), chairman of Alibaba Group
Ma explained that he is discussing with various companies to invest in TV dramas and movies, and has a deep interest in Korea’s cultural content business. (image: World Economic Forum/flickr)
SEOUL, Jan. 29 (Korea Bizwire) – In a meeting with South Korea’ Deputy Prime Minister Choi Kyung-hwan at the Alibaba Group headquarters in Hangzhou, China, on January 28, Jack Ma, head of the Chinese e-commerce giant showed his interest in Korea’s cultural content industry.
During his three day visit to China, Choi, also minister of Strategy and Finance, visited Chairman Ma to push for an expansion of Korean products on Alibaba and to make a tie between Alibaba’s Tmall-Global system and Kmall24 operated by the Korea International Trade Association.
The two also discussed the possibility of expanding the Chinese market for Korean agricultural products through Alibaba. Last October, Alibaba had opened a dedicated business-to-business market to handle South Korean agricultural goods.
In response to Choi’s encouragement to invest in Korea, Ma explained that he is discussing with various companies to invest in TV dramas and movies, and has a deep interest in Korea’s cultural content business.
In addition, Ma showed interest in the 200 billion won cultural fund that Seoul and Beijing want to set up to facilitate exchanges in the cultural sphere, according to the ministry. Of the total to be put into the special fund, the two countries will offer 40 billion (US$37.1 million) each, with 120 billion won coming from the private sector.
By John Choi (johnchoi@koreabizwire.com)
