Alibaba, China’s online retail giant has reportedly conducted the largest internet transaction in the history of Turkey to date. Through this deal with Trendyol, a leading mobile commerce company in Turkey and the MENA region, Alibaba plans to expand its presence in Turkey, say sources.

As per the deal, Trendyol will use Alibaba’s capabilities in technology, logistics, e-commerce and mobile payments to accelerate its growth. The platform has a current customer base of around 16 million.

While commenting on the transaction, Michael Evans, President, Alibaba Group, asserted that Turkey is an important market as far as the development of digital economies is concerned. He further said that Alibaba is partnering with a market leader and a strong founder-led management team who had built an exceptional company with a loyal merchant and customer base. According to Mr. Evans, together the companies could create significant opportunities in e-commerce, digital payments in Turkey.

Reliable sources suggest that Turkey, with a population of 80 million, 50% of which is under 30 years of age, represents long-term and attractive market opportunities. As per experts, since only 3.5% of the country’s retail sales are currently online, Trendyol can use the opportunity to its advantage and slide over the crest of region’s retail infrastructure.

Demet Mutlu, founder & CEO, Trendyol said that both the companies shared similar culture, values and both had huge ambitions for the digital economy. He also stated Trendyol had always looked up to Alibaba, and now the company’s growth and evolution would be accelerated due to this investment and support. Trendyol would continue to serve the customers and contribute to the development of the digital economy in Turkey and around the region, he adds.

Turkey also has a potential for Alibaba’s growth due to its 3 million SMEs, great manufacturing capabilities, connectivity and strong logistics, claim reliable sources.