Alibaba to expand investment in ASEAN

NANNING - Alibaba will boost investment and development in ASEAN, according to founder and chairman Jack Ma on Sunday.

The e-commerce giant will "participate in the development of local small- and medium-sized enterprises and young people," said Ma at the opening ceremony of the 13th China-ASEAN Expo in Nanning, which runs from Sunday to Wednesday.

He did not, however, elaborate or share any specific plans.

China-ASEAN trade has exploded, it is now 58 times larger than when the two sides established dialogue relations 25 years ago, which translates into great business opportunities and social development, according to Ma.

If hundreds of millions of young people and small businesses participate in globalization, the world economy and trade will be changed in a greater way, he said, adding that the Belt and Road Initiative is the start of inclusive globalization.