Amazon CEO sees 'huge potential' in India, to pour additional $3 billion investment

Amazon CEO sees

Submitted by alvin on Wed, 2016-06-08 11:36 Washington DC: Amazon Inc Chief Executive Jeff Bezos on Tuesday said his company would invest an additional $3 billion to expand its business in India, taking the leading online retailer's net investment in the country to over $5 billion. Bezos said at the U.S.-India Business Council's Leadership Summit in Washington, where Indian Prime Minister Narendra Modi interacted with the executives from the U.S. companies. Prime Minister Modi also presented Global Leadership Awards to Bezos and Sun Pharmaceutical Industries promoter Dilip Shangvhi. "I am pleased to announce today that Amazon will invest in addition of $3 billion dollars on top of the two billion dollars investment that we announced in 2014 bringing our total committed investment in India over $5 billion US dollars," Bezos. Asserting that the investments would help start-ups in India and accelerate the country's role as a hub for innovation and digital entrepreneurship, Bezos said "we are excited to announce that we are opening an Amazon web services cloud region in India this year. And over time a significant number of new jobs will be created because of the deployment of Amazon cloud services and the way that makes Indian businesses number efficient and global". "Its also a recognition of how the lives of million of Indians are being transformed by the adoption of technology and the use of e-commerce. we see our businesses closely integrated and contributing to the success of Prime Minister's programs digital India, skill India, start up India and make in India which are supporting India's growth," he added. Bezos further said the Prime Minister's visit to United States is a 'happy coincidence' for him, as three years ago the company had stepped into Indian market. "Prime Minister Narendra Modi, thank you for recognising our efforts in India. India is an amazing nation. It's a great nation. It's a great democracy and the people of India are incredibly dynamic. When I peer into the future of India what I see is unlimited India. Amazon India and I can assure you it's only the beginning as we would like to say at Amazon it's still day one," he added. Earlier, maintaining that India is much more than a market - a reliable partner, a source of high quality scientific, engineering and managerial talent, Prime Minister Modi said the nation is poised to contribute as a "new engine of global growth". Stating America is not just a country with a great past, Prime Minister Modi added, "It is a country with an exciting future and Indian-Americans are a powerful cementing force in our growing economic and cultural ties. In two years, we have managed to overcome the odds and register an impressive economic performance." Addressing a U.S.-India Business Council programme here, he said a larger Indian economy has multiple benefits for the world. Outlining his vision for the future, Prime Minister Modi said India is encouraging foreign and domestic investors to set up high quality and efficient manufacturing facilities. Highlighting the need for a strong banking system for India's economy to succeed, the Prime Minister said, "The Jan Dhan Yojana has also transformed the ability of the poor to make and to receive electronic payments." (ANI)