The entry of Chinese e-commerce giant Alibaba’s entry into Pakistan is likely to give a major boost to exports by small and medium-sized companies, which find it difficult to compete with big companies for share in the global export market.
An MoU signed between Alibaba and the official Pakistan Trade Development Authority will be major breakthrough for the SMEs to benefit from the online exports that is turned the world to a virtual global village.
The accord was signed during the state visit by Prime Minister Nawaz Sharif to attend the Belt and Road Forum for International Cooperation in Beijing, during which had interactions with some top Chinese companies, including Alibaba.
Under the agreement, Alibaba, TDCP and Ant Financial – an affiliate of Alibaba which is the world’s leading third-party payment platform, have joined hands to help SMEs get an access to the world markets for their productions.
Alibaba will conduct online and offline training programs for the SMEs to assist them with on-boarding on to Alibaba’s platforms and optimizing exports through e-commerce. In addition, Alibaba, Ant Financial and TDAP have agreed to promote the growth of financial services in Pakistan in areas such as mobile and online payment services.
Prime Minister Sharif hoped that Alibaba’s entry into the Pakistani market will help create jobs and boost exports. He said online commerce was a solution for small entrepreneurs to expand their business and reach global markets. Alibaba’s Executive Chairman Jack Ma was also in presence at the signing ceremony.
Jack said his company was closely monitoring the progress of Pakistan’s e-commerce and wanted to support small scale industries. Alibaba is facilitating 60 million companies across the globe. The Alibaba’s chief said that around 300,000 consumers from Pakistan had signed with Alibaba for transactions and company’s services.