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Posted on 06/08/2017 8:47:37 PM PDT by 2ndDivisionVet
China's largest e-commerce company, Alibaba Group Holding Ltd., tapped Martha Stewart and CNBC's Marcus Lemonis as speakers for its upcoming procurement event in Detroit.
The Gateway '17 event June 20-21 at Cobo Center in Detroit is driven by Alibaba's need to expand internationally and provide Chinese consumers with high-quality products prevalent in this region.
Stewart and Lemonis, host of CNBC's primetime show "The Profit," are joined by Jack Ma, founder and chairman of Alibaba, who will keynote the event in a fireside chat with PBS News' Charlie Rose. David Abney, CEO of UPS, is another confirmed speaker.
Detroit Mayor Mike Duggan and Michigan Lt. Gov. Brian Calley will also speak at the event.
The event, which is procurement focused, is designed to teach Michigan companies the value of Alibaba's services, which are similar to Amazon, and to create a new market for the region's businesses. The event is designed for small- and medium-sized companies in the fields of agriculture, fashion and apparel, mother and baby products, electronics, cosmetics, personal care goods and health products.
The import of food products is important to China's growing middle class, Ma said in a conference call with reporters last month.
"The American Midwest is the center, where there are so many great companies and agricultural products," Ma said. "China needs great food and food products. We badly need good food, but with the pollution we cannot produce that many food products in China."
Michigan farmers and food producers are no stranger to exporting to China, though. Agriculture is the state's second largest export industry to China behind automotive. Exports include soybeans, feed grain, dairy and vegetables.
Michigan exported $3.2 billion in products to China in 2016, making it the state's third-largest export partner behind only Mexico and Canada.
Information sessions at the two-day event will include education on the Chinese consumer and Alibaba's online marketplaces.
Several Michigan companies already use Alibaba's websites, including Kellogg Co. and Whirlpool Corp., but Ma hopes the event will open the Chinese market to small companies.
"For the past 18 years, we've always been focused on small business," Ma said. "And I'm a believer it's the main driver in creating jobs. We can help small businesses globalize their market."
In China, about 10 million small businesses use Alibaba's services, selling nearly $550 billion last year, Ma said. The event in Detroit is the first step in Ma's plan to create at least 1 million jobs in the U.S. by opening up the Chinese market.
Founded in Hangzhou, China, in 1999, Alibaba has grown into one of China's largest companies, with a market capitalization of nearly $284 billion — more than Wal-Mart Stores Inc. at $227 billion, but less than competitor Amazon Inc. at $433 billion.
Alibaba's 2014 initial public offering raised $25 billion on the New York Stock Exchange and introduced Alibaba to western investors, though the company remains mostly unknown to U.S. shoppers despite its more than 450 million customers in more than 200 countries.
Yet U.S. tech companies are aware of Alibaba's presence. Jerry Wang, a co-founder of Yahoo Inc., serves on Alibaba's board and Yahoo has a $40 billion stake in the company, Fortune reported in March.
Earlier this year, Ma wrote in a Wall Street Journal op-ed that Alibaba would enroll 1 million U.S. small businesses to its various e-commerce platforms, primarily on its Taobao and Tmall websites.
In January, Ant Financial Services Group, the payment affiliate of Alibaba, announced it would buy Dallas-based money-transfer company MoneyGram International Inc. for about $880 million.
China and Michigan have had a lucrative business connection for decades. Major Michigan companies already operate in China, such as Ford Motor Co., General Motors Co., Dow Chemical Co., Whirlpool Corp., BorgWarner Inc., Key Safety Systems Inc., among others. China's Shanghai Automotive Industry Corp., Aviation Industry Corp. of China, Fuyao Auto Glass, Wanxiang Group and others own several Michigan auto companies.
Would be curious to see the list of “over 200 countries” they sell to considering there arent that many countries in the world.
I guess we can be thankful that Martha Stewart hasn’t yet taken it into her head to speak out on the DJT Presidency.
I can just imagine what side she’d be on, and what would be the result in the MSM.
196 countries. You are right.
There is always this:
June 4 [2003] Mr. Comey handed down an indictment of Martha Stewart on charges of conspiracy, obstruction of justice and securities fraud. . .
I think she has, early on. She was always a big Hillary supporter, iirc.
Oh, but she has. Or maybe that’s just Martha’s mating call.
Martha’s nothing more than a sow with lipstick.
Her baseless arrogance is more than I can stomach.
She a very long-time Clinton (both) supporter.
http://ijr.com/2017/05/867417-martha-stewart-flips-off-donald-trump-in-photo-taken-at-art-gallery/
[196 countries. You are right.]
You mean 197 countries. GOV. BROWN declared CALIFORNIA was a country. LOL
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