SEOUL — Alibaba.com, the leading Chinese online marketplace, has announced plans to launch a dedicated website for South Korean small and medium-sized enterprises (SMEs) on August 8, aimed at capitalizing on the increasing global demand for Korean products.
According to Yonhap News Agency, the new platform, named the South Korea Pavilion, is designed to support over 5,000 Korean SMEs in expanding their reach into international markets. This initiative comes as the global B2B market is expected to grow significantly, potentially reaching $21.6 trillion by 2027, from $8 trillion in 2022. The move reflects Alibaba.com's recognition of the rising popularity of Korean goods, which have seen substantial sales increases in categories such as auto parts, instant noodles, skincare products, and red ginseng.
The creation of this exclusive portal underscores Alibaba.com's strategy to enhance the export capabilities of Korean SMEs and increase their visibility in the competitive global marketplace. The platform will also offer a membership trial program allowing Korean businesses to sell their products internationally for an annual fee of $199.