Russian Ministry of Economic Development and Sberbank to Create Alibaba Analogue

PHOTO by Goodluz / Depositphotos

This summer, the Ministry of Economic Development and Trade, or MED, and Sberbank will begin working together on a Russian Internet trading site that will be comparable to Alibaba. The plans were announced by Oleg Fomichev, deputy minister of economic development, in an interview with Rossiyskaya Gazeta newspaper.

“We will definitely make a decision once we receive the final design from the Russian Export Centre, which should then be examined by the presidium of the Presidential Council for Strategic Development and Priority Projects in March,” Fomichev said.

The deputy minister also described the platform, which will likely rely on Sberbank’s prototype.

“It will have personal accounts for small businesses where they should be possible to post a description of goods, delivery dates, prices and so on,” Fomichev said. “The platform should give entrepreneurs a set of services that will allow them to deliver to both domestic markets and abroad.”

Sberbank and Alibaba announced in January that they might begin a joint venture in the field of electronic commerce.