Alibaba ready to expand business in Russia

WUZHEN - Alibaba founder Jack Ma said Wednesday that he is willing to increase e-commerce business in Russia, where his company saw its most rapid growth among all overseas markets.

"Alibaba is ready to help Russian companies build a complete e-commerce system," said Ma on the sidelines of the second World Internet Conference in Wuzhen, Zhejiang Province.

"There is great trade potential between China and Russia. This means we can do a lot of things together," Ma told Russian IT companies at a meeting.

According to Ma, Russia can likely duplicate China's e-commerce success as the two countries share a similar business environment.

Alibaba is making efforts to globalize its business with a focus on AliExpress, its international e-commerce website.

AliExpress enjoyed huge success in Russia during the Single's Day shopping spree last month, with one out of every 10 Russians visiting the website and retail sales in Russia topping all other overseas markets.