Amazon announces an investment of $1 billion in digitising SMBs in India
Amazon Chief, Jeff Bezos has announced an investment of USD 1 billion (over Rs 7,000 crore) in India to help bring small and medium businesses online and committed to exporting USD 10 billion worth of India-made goods by 2025.
Earlier Amazon committed an investment of USD 5.5 billion in the country. India is the most important market for the company other than US.
"Over the next five years, Amazon will invest an incremental USD 1 billion to digitise micro and small businesses... across India, helping them reach more customers than ever before. This initiative will use Amazon's global footprint to create USD 10 billion in India exports by 2025," he said.
He added that part of this goal is to ensure that more people can participate in the prosperity of India. "We are making this announcement now because it is working... When something works you should double down on it. And that is why we are doing it." Amazon hopes that this investment will "bring millions of more people into the future prosperity of India and at the same time expose the world to the 'Make in India' products that represent India's rich, diverse culture." The company had previously said it expected e-commerce exports from India to reach USD 5 billion by 2023 under its global selling programme.
Amazon chief is on a three day visit to India and was speaking at the SMBhav summit - an Amazon India gathering for small and medium businesses.
"The 21st century is going to be the Indian century," the Amazon founder said, adding, "This country has something special: its dynamism. I also predict that the most important alliance in the 21st century will be between India and the United States." Bezos is expected to meet top government functionaries and business leaders during the trip.