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LONDON, UK / ACCESSWIRE / December 9, 2016 / Active Wall St. blog coverage looks at the headline from Alibaba Group Holding Ltd (NYSE: BABA). On December 08, 2016, a Letter of Intent was signed by Thailand's Permanent Secretary, Wiboonlasana Ruamraksathe, and Alibaba Group President, Michael Evans, at Alibaba Group Holding's headquarters in Hangzhou, China. The signing ceremony was witnessed by Somkid Jatusripitak, the Deputy Prime Minister of Thailand and Alibaba's Executive Chairman, Jack Ma. The Letter of Intent between Alibaba and Thailand covered a wide range of initiatives for the development of ecommerce in Thailand. Register with us now for your free membership and blog access at: http://www.activewallst.com/register/.
One of Alibaba Group's competitors within the Specialty Retail, Other space, Cencosud S.A. (NYSE: CNCO), reported on November 22, 2016, its consolidated financial results for the third quarter of 2016. AWS will be initiating a research report on Cencosud in the coming days.
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Commenting at the ceremony Somkid Jatusripitak said:
"The signing of the agreement between the Ministry of Commerce and Alibaba is in-line with the government's policy to drive Thailand forward under the Thailand 4.0 and Digital Economy strategies, and marks a new chapter in our public-private partnership with world-class organizations and leading e-commerce platforms, as well as academic institutions in the future."
Jack Ma added:
"Since the founding of our company 17 years ago, Alibaba's vision has always been about empowering small businesses and young people, particularly those in developing nations. We want to partner with governments and organizations that share this vision and commitment. By working together and applying technology and innovative ideas, I believe we can make that vision a reality, and magic will happen."
The delegation from Thailand
The delegation from Thailand which consisted of the Deputy Prime Minister of Thailand, senior government officials and members from the private sector had visited the company headquarters on the explicit invitation from Alibaba.
The event was the result of the ongoing bilateral dialogue between the Prime Minister of Thailand and Jack Ma. The bilateral talks were aimed at increasing the competitiveness of the Thai SMEs and enable them to succeed in the digital marketplace. The Prime Minister had formed a taskforce consisting of representatives from the government agencies and the private sector to work with Alibaba. This taskforce included representatives from Thailand's Ministry of Commerce, Ministry of Digital Economy and Society, Ministry of Science and Technology, the Office of Small and Medium Enterprises Promotion, the Small and Medium Enterprise Development Bank of Thailand, the Export-Import Bank of Thailand, the Electronic Government Agency (Public Organization), and Thailand Post Company Limited. The taskforce's mission was to increase the export capabilities of the Thai SMEs ranging from grassroots businesses to mid-size enterprises in a joint effort with Alibaba.
Key areas of cooperation
The Letter of Intent covers four main priorities where Alibaba will work with the Thai government.
- Alibaba along with Lazada Group (an ecommerce platform where Alibaba is majority owner) would train 30,000 Thai SME businesses to help them access to domestic and international ecommerce platforms. The Thai government plans to develop its own National ecommerce Platform using the knowledge and understanding gained by Alibaba from this exercise.
- Alibaba will assist the Thai government to create a nationwide People and Talent Development Program. Under the talent program the government aims to train 10,000 individuals who can become experts in digital technology. Talented software developers will be nurtured by both and would be given access to Chinese market to market their software / applications using Alibaba's cloud platform. Alibaba and Lazada's role will be solely to run a train-the-trainer program to groom ecommerce business coordinators. These business coordinators will help SMEs to grow their online export capabilities.
- Alibaba and Lazada will help Thailand Post to expand delivery services across all provinces in Thailand by 2017. For this initiative, Alibaba and Lazada will share their expertise with Thailand Post to optimize the country's supply chain and logistics systems. Thailand Post will study Alibaba's inventory management systems and international ecommerce fulfilment services. The study will help it set up warehouses and fulfilment centres to improve its delivery, supply chain, and logistics management.
- Thailand aims to establish itself as a hub of digital technology and data centres in Southeast Asia. Alibaba and the Thai government will work together under the aegis of Eastern Economic Corridor Development for the same.
Just a few days before the signing of the Letter of Intent, on November 29, 2016, the University of the Thai Chamber of Commerce (UTCC) became an Alibaba authorized ecommerce training centre in Thailand and offers several collaborative programs, including training the trainers. The initiative was the result of the partnership agreement that it had signed with Alibaba in August 2015 with an aim to accelerate ecommerce growth in Thailand and help Thai SMEs expand their businesses internationally. A team from Alibaba had coached UTCC faculty members to become certified Alibaba.com trainers. UTCC now has the capacity to train more than 5,000 individuals per year, who will be ready to train Thai SMEs, entrepreneurs, and UTCC students to run businesses on Alibaba.com.
Stock Performance
Alibaba Group's share price finished yesterday's trading session at $92.31, climbing 1.36%. A total volume of 10.91 million shares exchanged hands. The stock has advanced 21.59% and 10.66% in the last six months and past twelve months, respectively. Furthermore, since the start of the year, shares of the company have gained 13.58%. The stock is trading at a PE ratio of 49.18 and currently has a market cap of $226.80 billion.
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