Amazon.com Inc announced on Friday that it will increase its investments in India to $26 billion by 2030, adding $6.5 billion in new planned investments.
The announcement came after Amazon CEO Andy Jassy met with Indian Prime Minister Narendra Modi in Washington, where Modi is attending a summit of leaders from the United States, India, Japan and Australia.
Amazon said its investments will support India’s economic growth and create jobs across various sectors, including e-commerce, cloud computing, digital payments, content creation and manufacturing.
“India is a key market for Amazon and we are committed to partner with the Indian government and local businesses to unleash the potential of the digital economy,” Jassy said in a statement.
Amazon has faced regulatory hurdles and legal challenges in India, where it competes with local rivals such as Flipkart, which is backed by Walmart. The company has also faced protests from small traders who accuse it of unfair business practices and hurting their livelihoods.
Modi, who is seeking to boost foreign investment and innovation in India, praised Amazon’s role in empowering small and medium enterprises and creating opportunities for young entrepreneurs.
“We had an excellent meeting with @ajassy. We discussed several subjects relating to emerging technologies in the global context,” Modi tweeted after the meeting.
