Alibaba said on Thursday it will invest up to $1 billion over the next three years "for a global partner ecosystem upgrade" and give support to its cloud computing customers in an effort to boost growth.
The investment consists of “financial and non-financial incentives, such as funding, rebates and go-to-market initiatives, according to the company's statement released late on Thursday.
The company said it is also setting up a program to help its customers localize their cloud computing business needs depending on the market.
"Our revamped partner strategy prioritizes our partners' growth," said Selina Yuan, Alibaba Cloud Intelligence International President, in the statement. "By continuing to support our partners' business expansion, we can build an inclusive ecosystem benefiting partners and customers."
In its most recent quarter, Alibaba generated flat revenue growth of $30.69B, including a 10% year-over-year growth in its cloud unit.
As of 2021, Alibaba Cloud ranked first in China's cloud computing market with a 37% market share of cloud infrastructure services. Through its collaboration tool DingTalk, Alibaba has extended its reach, bringing cloud computing services to more traditional industries.