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(See DAVOS <GO> for more on the World Economic Forum.)
Jan. 27 (Bloomberg) -- Russian billionaire and Groupon Inc. investor Yuri Milner says China will be an attractive location for fledgling e-commerce companies looking to grow.
Internet retailers in China may be more visible to consumers because they don’t have to vie with big chains, such as Wal-Mart Stores Inc., where U.S. customers have become accustomed to shopping, he said today in an interview with Bloomberg Television at the World Economic Forum in Davos, Switzerland.
“We see actually a lot of opportunities in the e-commerce space in China specifically, because the offline infrastructure in that country has not been developed to the extent that it was developed in countries like the U.S.,” Milner said. “The Wal- Mart of China is actually going to be an online company.”
Wal-Mart, which went public in 1970, is the world’s largest retailer with a market value of $207.9 billion, according to data compiled by Bloomberg. The company is vying for share with Internet vendors such as Seattle-based Amazon.com Inc., the world’s largest online retailer, which have fewer overhead costs and are creating networks that offer same-day shipping.
Alibaba Group Holding Ltd. is China’s biggest e-commerce company.
--Editors: Niamh Ring, John Lear
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