Alibaba Unveils $2 Billion Turkey Investment in Erdogan Meeting

(Bloomberg) — Alibaba Group Holding Ltd. announced plans to invest $2 billion in Turkey after a meeting with President Recep Tayyip Erdogan.

The head of the Chinese giant, Michael Evans, made the announcement after the meeting in Istanbul on Friday, according to a statement from its Turkish unit Trendyol. He indicated that the company has “confidence in Turkey’s sound economic fundamentals” and has already invested $1.4 billion in the country through Trendyol, Turkey’s biggest e-commerce marketplace.