Ethiopia and the Alibaba Group inaugurated a global trade platform on Monday.

Ethiopian Prime Minister Abiy Ahmed and Chinese e-commerce tycoon Jack Ma inaugurated the e-WTP.

The billionaire entrepreneur arrived in the Ethiopian capital Addis Ababa earlier on Monday on a business visit.

Speaking at the e-WTP launch, Jack Ma said: “This is the beginning, that Africa can compete with Europe and America.”

“In the past, we believed in big; for the future, we believe in small; small is beautiful,” he said, noting that e-trading platforms motivate small and medium scale enterprises.

“In the past, the world was divided into developed and developing nations; in the future, this will change to whether you are e-country or not e-country,” he added.

He also pledged $100 million to support entrepreneurship in Ethiopia.

Abiy Ahmed said Ethiopia is transforming itself into a digital economy.

Two other memoranda of understanding (MOU) were signed on Monday for capacity building and a comprehensive digital hub.

Ethiopia’s Minister of Innovation Getachew Mekuria recalled that the e-WTP was Chinese e-commerce giant Alibaba’s offshoot born in 2016 to benefit small and micro enterprises and disadvantaged groups such as women.

The new platform will facilitate the flow of goods across boundaries, e-commerce, retail and wholesale trading in addition to helping Ethiopian youths acquire training in digital skills.