Alibaba earmarks US$30 mln on global promotion

Oct. 23, 2008 (China Knowledge) - Alibaba Group, parent of China's leading e-commerce provider Alibaba.com<1688> and Taobao.com, plans to earmark US$30 million on global promotion, the Shanghai Securities News reported.

The move, which is expected to help SMEs to expand their overseas market, is considered as part of the group's efforts to survive the economic downturn trigged by the U.S.-led financial turmoil.

Alibaba intends to partner with commercial organizations in more than 20 countries worldwide for greater presence, sources said.

Ma Yun, chairman and non-executive director of Alibaba Group, said the company has set aside RMB 15 billion to initiate the promotion plan, and Davie Wei, CEO of Alibaba.com, has been appointed to lead a special team to execute the plan.

This round of global promotion will adopt more innovative means so as to attract more global buyers and hence provide more business opportunities for SMEs in overseas markets, according to Wei.

Alibaba intends to promote the plan on well-known U.S. media CNBC, CNN and Fox till the end of November. The plan will soon be launched in Asia as well, according to the report.