After months of speculation, the Chinese e-commerce giant Alibaba has signed a Memorandum of Understanding (MoU) with the Trade Development Authority of Pakistan (TDAP).
The Prime Minister of Pakistan, Nawaz Sharif visited the company’s Headquarters in Hangzhou, China on Tuesday where Ant Financial and TDAP agreed to foster the growth of worldwide exports of products by small and medium-sized enterprises (SMEs) in Pakistan through e-commerce.
Online and offline training programs for the SMEs will also be conducted by Alibaba in a bid to assist SMEs with onboarding on to Alibaba’s platforms and optimizing exports through e-commerce.
TDAP will help identify suitable SMEs to participate in the training programs while Alibaba will be responsible for providing industry analysis to TDAP to assist them in their selection process.
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. The parties have also agreed to adopt cloud computing services to support the online and mobile e-commerce businesses of SMEs in Pakistan.
Prime Minister of Pakistan, Mian Muhammad Nawaz Sharif said,
“Today by entering into this agreement with Alibaba and Ant Financial we further strengthen mutual cooperation and look to bring about a positive change for our small and medium enterprises. We hope to elevate our local businesses to new heights and bring them into the realm of the e-commerce platform.”
Alibaba Group’s Executive Chairman, Jack Ma said,
“Pakistan has seen significant progress in recent years and we look forward to working together with TDAP to further enhance the potential of their SMEs through the signing of this MoU. ”
Alibaba Group’s Executive Chairman, Jack Ma, and Prime Minister Nawaz Sharif witnessed the signing of the Memorandum of Understanding. Previously they both came together at World Economic Forum 2017 to explore investment opportunities in Pakistan.