Alibaba intends to invest in more U.S. startups as part of its expansion plans, said the company’s Executive Chairman Jack Ma in an interview with Bloomberg. The online marketplace has set its sights particularly on e-Commerce companies that can export high-demand products to Asian consumers.
“I want our team to invest in high-technology startups in the States and help them to grow,” Ma said in an interview on Bloomberg TV. “Not only with the money but by helping them to come to China one day. This is a huge market.”
Specifically, Alibaba wants to help startups build e-Commerce business models similar to Amazon by providing them with logistics, payments and cloud computing services. Despite its efforts to expand internationally, Ma said Alibaba itself is not in the business of competing with Amazon, as the company doesn’t actually sell its own products.
With Singles Day sales reeling in $14.3 billion, Alibaba has proven that it can shake up the retail industry in a relatively short period of time. After all, this total represents an impressive 54% increase above earned revenues in 2014. Now the company just has to find a way to popularize the Nov. 11 shopping day on international soil, especially since Ma has voiced his intention of bringing the event to the U.S. and UK.