What: Alibaba Group will make Europe top priority as it focuses on building local businesses and online platforms outside China, the president of the e-commerce giant said on Thursday.

Why it is important: J. Michael Evans shared that the group will focus on building local businesses through a new initiative called TMall, which already exists in China.

Alibaba plans to bring TMall to Europe in which it will serve local brands and local customers in local markets, according to the president.

A pilot project is already underway in Spain, with plans to expand across Europe.

Alibaba president says group will expand local business in Europe