US President Barack Obama on Wednesday defied protocol and interviewed Chinese internet and e-commerce billionaire Jack Ma in a panel discussion at the Asia Pacific Economic Cooperation (APEC) summit being held in Manila.

Obama was evidently in high spirits and gamely threw questions at the Alibaba group Holdings chief about a range of issues including how young entrepreneurs can be assisted to start their own businesses.

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The US President sought sound business advice from Ma in a bid  to help young entrepreneurs like Filipina professor of engineering  Aisa Mijeno, who invented a lamp that runs on salt water and who was one of the panelists.

Obama heartily joked with the Alibaba founder, urging him to invest in Mijeno's lamp business since she said that she was looking for investors to mass produce the lamps.

"I'm just serving as a matchmaker here, a little bit," he said.

Obama praised the young businesswoman for her hard work and creativity in coming up with the lamp invention.

Ma said his company has been financially supporting organizations run by young people that deal with climate change and other environmental concerns for the past six years

He revealed that he sets aside 0.3 percent of the company's yearly total revenue to help fund projects.

Obama quizzed Ma on how the government and private businesses could help business newbies who are often faced with difficulties in looking for investors.

"Government is simple - just reduce the tax, or no tax, for these guys," Ma responded, as a wave of laughter and thunderous applause erupted from the audience composed mostly of business executives.

Obama noted the reaction of the audience and quipped, "You got a lot of cheers from your fellow CEOs."

Ma's meeting with Obama comes at a time that Alibaba is seeking to expand its business abroad including in the United States. Ma said that Alibaba executives are working hard and that pushing their business beyond China is their topmost priority.

Ma said they have put up some businesses abroad in places like Brazil and Russia. But he revealed that he wants to invest more in other countries, particularly the United States.

The panel discussion was conducted on the sidelines of the APEC Summit which is rinning from Nov. 17 to November 20 in Manila.

TagsPresident Barack Obama, Jack Ma, APEC, Alibaba Holdings, investors, Manila, Aisa Mijeno, inventor, President Barack Obama Jack Ma Interview