Pakistan yesterday signed a Memorandum of Understanding (MoU) with the world’s largest e-commerce company, Alibaba, to promote the country’s exports worldwide by Small and Medium Enterprises (SMEs) through e-commerce.
The agreement between Alibaba Group Holdings Limited and the Trade Development Authority of Pakistan (TDAP) was signed by Commerce Minister Khurram Dastgir and President of Alibaba Group Michael Evans, and Senior Vice-President of Global Business of Ant Financial Douglas Feagin on behalf of Alibaba.
Prime Minister Nawaz Sharif and Executive Chairman of Alibaba Jack Ma were present at the signing ceremony.
The entry of the Alibaba Group in Pakistan will not only boost the country’s e-commerce sector but will also serve as a tipping point for other tech giants to tap into the market. The negotiations that started earlier this year at the World Economic Forum resulted in the signing of a MoU.