India's Prime Minister Narendra Modi (L) presents the Global Leadership Award to Amazon CEO Jeff Bezos at the U.S.-India Business Council (USIBC) 41st annual Leadership Summit in Washington, U.S., June 7, 2016. REUTERS/Yuri Gripas
India’s Prime Minister Narendra Modi (L) presents the Global Leadership Award to Amazon CEO Jeff Bezos at the U.S.-India Business Council (USIBC) 41st annual Leadership Summit in Washington, U.S., June 7, 2016. REUTERS/Yuri Gripas
WASHINGTON (Diya TV) — Amazon CEO Jeff Bezos announced Tuesday the company plans to invest an additional $3 billion in India, a figure which brings the company’s total investment in the country to over $5 billion.
“Our Amazon.in team is surpassing even our most ambitious planned milestones, and I’m pleased to announce today that we’ll invest an additional $3 billion on top of the $2 billion that we announced in 2014, bringing our total investment in India to over $5 billion.”
During an event in Washington D.C. that was attended by Indian Prime Minister Narendra Modi — who earlier met with U.S. President Barack Obama at the White House — Bezos said that India was Amazon’s fastest-growing region. In China, the company has struggled to compete with Alibaba’s home-grown Chinese sites like Taobao and Tmall.
A survey taken in March revealed that Indian consumers trust Amazon’s brand more than any other online retailer. Domestically, the company competes with web retailers such as Flipkart and Snapdeal.
“I can assure you it’s only the beginning and as we say in Amazon, it’s only day one,” Bezos said. He said the investments would help the country’s startups, and accelerate India’s role as a hub for innovation and digital entrepreneurship.
Bezos announced Amazon plans to open a Web Services Cloud Region in India this year and that the country would soon become home to the company’s largest software and engineering development center outside of the United States. The center will be located in Hyderabad. He said Amazon has thus far built 21 fulfillment centers that have the ability to service postal codes in the country because of its marriage with India Post.
The Hyderabad center will create jobs and career development opportunities for thousands of India’s residents, Bezos said. Even more jobs will become made available over time because of the deployment of Amazon Cloud Services.
“This award is a recognition of the fact that we have already created some 45,000 jobs in India and continue to see huge potential in the Indian economy,” he said.
Bezos’ speech was delivered the same day Warren Buffet praised the executive for embodying the potential of small business owners who build their companies.
