American e-commerce giant Amazon will invest USD 3 billion more in India to tap the growth of online shopping in the fast growing economy, the company’s founder and CEO Jeff Bezos said on Wednesday.
“Amazon will invest USD 3 billion more in India. This is in addition to the USD 2 billion announced in 2014,” Bezos said at the annual gala of US India Business Council (USIBC) which was attended by Prime Minister Narendra Modi.
“We have already created some 45,000 jobs in India and continue to see huge potential in the Indian economy,” Bezos said.
Amazon, which entered the Indian market in 2013, faces stiff competition from domestic rivals Snapdeal and Flipkart.
“Our Amazon.in team is surpassing even our most ambitious planned milestones…,” Bezos said after receiving USIBC’s Global Leadership Awards.
Star India, a subsidiary of 21st Century Fox, also said it will invest an additional USD 5 billion over the next three years.
“We see huge potential in the Indian market and have been one of the largest foreign investors in India and the largest in the media and entertainment sector,” said Uday Shankar,Chairman and CEO of Star India.
USIBC chairman John Chambers announced that in less than two years, about 20 per cent of USIBC member companies have already invested USD 28 billion India.
“Over the next 2-3 years, we see this pace accelerating, again with about 20 per cent of our member companies reporting, indicating that USIBC members are on track to invest an additional USD 45 billion, which is a conservative estimate,” he said.
“Given Prime Minister Modi’s track record towards implementing ‘Digital India’ and key economic reforms, we are optimistic that this number will be dramatically exceeded, perhaps even doubled,” Chambers added.
“Today we are witnessing a new phase in India’s growth story driven by the vision of Prime Minister Modi,” he said.