Jack Ma, founder of Chinese e-commerce giant Alibaba Group, visited South Korea on May 18 and 19, his fourth visit to the nation since Dec. 2013, and one of the his most frequently visited foreign destinations, according to a report by Southern Metropolis Daily, a Guangzhou-based newspaper.
The report said that Ma plans to invest in the Korean entertainment industry, especially in film and music, which have become increasingly popular in China in recent years.
Growing consumer demand in China has made both the South Korean government and its enterprises optimistic about its prospects and kept an open and proactive attitude toward Alibaba, the report added.
Alibaba's Alipay service is looking at the possibility of providing service to more than 8,000 shops in the country, including department stores, online shopping malls, duty-free shops, airlines and convenience stores, where Alipay is expected to connect with 20,000 Korean stores by the end of 2015.
Ma reportedly came to Seoul recently to attend the grand opening of Alibaba's Tmall Korean unit, where Chinese consumers can easily purchase products made by more than 100 Korean brands.
The e-commerce giant also plans to launch its logistics services in South Korea as well as set up operations for business-to-business service, a tie-up in the culture industry and cloud computing services.
According to the report, being one of the most advanced countries in the world in terms of logistics infrastructure and Internet connection, South Korea is considered by Alibaba as its perfect choice for expanding its business.
In 2014, the country was the top outbound destination for Chinese tourists, with more than six million visitors, 40 percent higher a year earlier. By 2020, Chinese tourists are estimated to spend more than 30 trillion won ($27 billion), which will account for about 8 percent of South Korea's total retail market.
Businesses from both countries are expected to benefit from the increased cross border e-commerce activities and payments and lowering of taxes once the free trade agreement between China and South Korea is signed.