12:15 PM EDT, 03/14/2024 (MT Newswires) -- Alibaba Group ( BABA ) is planning to invest $1.1 billion in South Korea over the next three years, which includes constructing a logistics center and expanding its business, South Korean news agency Yonhap reported Thursday.

This year alone, the company expects to spend $200 million to build the logistics center and $100 million to aid small and mid-sized South Korean companies in selling their products overseas, Yonhap reported, citing a company business strategy document.

Representatives for Alibaba ( BABA ) did not immediately respond to a request for comment from MT Newswires.

Shares of Alibaba Group ( BABA ) were down more than 3% in recent trading.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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