Make MENAFN My Home Page
  Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Ma meets Trump, promises to bring 1mn jobs to US  Join our daily free Newsletter

MENAFN - Gulf Times - 10/01/2017
No. of Ratings : 0
Add to Mixx!

(MENAFN - Gulf Times) Alibaba executive chairman Jack Ma met US President-elect Donald Trump on Monday and laid out the Chinese e-commerce giant's new plan to bring 1mn small US businesses onto its platform to sell to Chinese consumers over the next five years, an Alibaba spokesman said.
Alibaba Group Holding Ltd expects the initiative to create 1mn US jobs as each company adds a position, company spokesman Bob Christie said in a phone call.
Alibaba has previously campaigned to bring more small US businesses onto the company's sites, but this is the first time Ma has discussed specific targets.
Trump and Ma emerged from their meeting at Trump Tower in New York together.
The president-elect told reporters they had a 'great meeting and would do great things together.
Ma called Trump 'smart and 'open-minded.
Ma said the two mainly discussed supporting small businesses, especially in the Midwest, such as farmers and small clothing makers, who could tap the Chinese market directly through Alibaba, whose Tmall online shopping platform offers virtual store fronts and payment portals to merchants.
The company has in recent years been aggressively courting foreign brands to set up Tmall stores to sell to China's vast and growing middle class by offering to smoothen out Chinese sales, payment and shipping processes.
Ma, a Chinese citizen, appears frequently with leaders from the highest echelons of the Communist Party, and both sides have voiced their support and admiration for each other. Trump often targeted #China in the election campaign, blaming Beijing for US job losses and vowing to impose 45% tariffs on Chinese imports. He also promised to call #China a currency manipulator on his first day in office.
Alibaba has deep ties with he Chinese government, working closely on some of the country's core technology development goals including cloud infrastructure and big data.

'It's important, given the anti-China rhetoric that has been coming out, to innoculate the company and himself from that. said Duncan Clark, chairman of investment advisory firm BDA #China and author of a book on Alibaba, of Ma's meeting with Trump.
'There's nothing to lose in talking about what they're trying to do here which is stimulate demand in China, said Clark.
About 7,000 US brands including wholesaler Costco Wholesale Corp and apparel seller Levi's currently sit on Alibaba's Tmall, an Alibaba spokeswoman said. They made 15bn in sales to Chinese consumers last year, she added.
But some foreign retailers have had mixed success on Tmall.
In September, the Wall Street Journal reported that luxury handbag maker Coach closed its flagship store on Tmall.
It quoted a Coach spokeswoman as saying that they wanted to consolidate
'It'll require a big effort, Clark said of Ma's prediction that the platform could help create 1mn US jobs.
'There's no one who could prove or disprove how likely that's going to be, he said. Alibaba did not mention whether Trump and Ma spoke about an ongoing US Securities and Exchange Commission investigation into Alibaba's accounting practices. Trump's top choice for the incoming head of the commission, Wall Street lawyer Jay Clayton, worked on Alibaba's initial public offering.
The US Trade Representative last month returned the Chinese e-commerce giant to an infamous list of blacklisted online retailers over concerns that the company was not doing enough to stop counterfeiting on their sites.


Gulf Times

Loading, Please wait....




Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country

Search News
Market Indices
Quotes & Charts

Global Indices
Arab Indices


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Economic Calendar
Financial Glossary

Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2014 All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help