Zapper
SENIOR MEMBER
- Joined
- May 9, 2019
- Messages
- 2,284
- Reaction score
- -28
- Country
- Location
Amazon plans to invest $1 billion in India, and CEO Jeff Bezos said a US-India alliance will be most important this century
Amazon CEO Jeff Bezos is on a trip to India and said he was betting big on the country
Jeff Bezos wound up a three-day visit to India by promising to create a million jobs by 2025, as trade minister Piyush Goyal stepped back from his criticism of the world’s richest man, saying he welcomes his pledge to invest $1 billion in Asia’s third largest economy.
“It’s still Day 1," the American billionaire said on the final day of his India visit in a direct message to “customers, sellers and partners" posted on Amazon.in promising more jobs, exports and investments.
In a media statement issued by the American retailer earlier in the day, Amazon said it plans to create these jobs through “continued investments in technology, infrastructure, and its logistics network. The jobs–created both directly and indirectly–will be across industries, including information technology, skill development, content creation, retail, logistics, and manufacturing."
These million jobs will be in addition to the 700,000 Amazon’s investments have already enabled over the last six years in India, the retailer added.
The announcement follows Bezos’ promise on Wednesday to investing $1 billion in India to help small businesses digitis
During a fireside chat on Wednesday at an Amazon India event in New Delhi, Bezos announced a $1 billion investment in "digitizing small and medium businesses" in India. He added that Amazon aims to export $10 billion worth of Indian goods by 2025.
"I want to make a prediction for you," Bezos said. "I predict that the 21st century is going to be the Indian century."
He added, "I'll make one more prediction for you: In this 21st century, the most important alliance is going to be the alliance between India and the United States, the world's oldest democracy and the world's largest democracy."
Bezos is unlikely to have met political leaders or government officials during this visit, but on Friday met with a string of top industrialists and businessmen, including Reliance Industries Ltd chairman Mukesh Ambani, Infosys founder Narayana Murthy and Future Group founder Kishore Biyani. They discussed business opportunities in India, and India’s retail landscape, according to a person privy to the meeting.
In his note to “customers, sellers, and partners", Bezos spoke of his admiration for the country that has rapidly scaled up to become the largest market for Amazon’s streaming platform Prime Video.
“I fall more in love with India every time I return here. The boundless energy, innovation, and grit of the Indian people always inspire me," Bezos said.
“I’m excited to share that we will invest an incremental $1 billion to digitize micro and small businesses in cities, towns, and villages across India, helping them reach more customers than ever before. As part of this initiative, we will use Amazon’s global footprint to enable $10 billion in exports of Indian products, to the rest of the world by 2025. Our investments will create an additional million jobs across the country by 2025."
Bezos leaves on Saturday morning.
India also introduced legislation in 2019 that barred online retail giants such as Amazon and Flipkart, an Indian firm owned by Walmart, from entering into exclusive tie-ups with sellers and offering products through vendors in which they have a direct financial interest. When the new law came into force, thousands of products were pulled from Amazon and Flipkart's virtual shelves.
And India remains a battleground for Amazon in terms of market share. The company faces fierce competition in India from Flipkart, though it's close to overtaking the firm — according to Forrester data cited by S&P Global Market Intelligence, Flipkart had a 31.9% market share in India in 2018, versus Amazon's 31.2%.
Both Amazon and Flipkart are also the focus of an antitrust investigation into whether they undercut small businesses on price
https://www.livemint.com/companies/...s-by-2025-says-jeff-bezos-11579281369952.html
https://www.businessinsider.com/jeff-bezos-said-amazon-is-investing-1-billion-in-india-2020-1
- Amazon CEO Jeff Bezos announced on Wednesday that the retail giant would invest $1 billion in "digitizing small and medium businesses" in India.
- Bezos also said that the most important alliance of this century would be between India and the United States.
- His arrival in India was met by protesters who say Amazon is driving small retailers out of business by undercutting them on price.
- Visit Business Insider's homepage for more stories.
Amazon CEO Jeff Bezos is on a trip to India and said he was betting big on the country
Jeff Bezos wound up a three-day visit to India by promising to create a million jobs by 2025, as trade minister Piyush Goyal stepped back from his criticism of the world’s richest man, saying he welcomes his pledge to invest $1 billion in Asia’s third largest economy.
“It’s still Day 1," the American billionaire said on the final day of his India visit in a direct message to “customers, sellers and partners" posted on Amazon.in promising more jobs, exports and investments.
In a media statement issued by the American retailer earlier in the day, Amazon said it plans to create these jobs through “continued investments in technology, infrastructure, and its logistics network. The jobs–created both directly and indirectly–will be across industries, including information technology, skill development, content creation, retail, logistics, and manufacturing."
These million jobs will be in addition to the 700,000 Amazon’s investments have already enabled over the last six years in India, the retailer added.
The announcement follows Bezos’ promise on Wednesday to investing $1 billion in India to help small businesses digitis
During a fireside chat on Wednesday at an Amazon India event in New Delhi, Bezos announced a $1 billion investment in "digitizing small and medium businesses" in India. He added that Amazon aims to export $10 billion worth of Indian goods by 2025.
"I want to make a prediction for you," Bezos said. "I predict that the 21st century is going to be the Indian century."
He added, "I'll make one more prediction for you: In this 21st century, the most important alliance is going to be the alliance between India and the United States, the world's oldest democracy and the world's largest democracy."
Bezos is unlikely to have met political leaders or government officials during this visit, but on Friday met with a string of top industrialists and businessmen, including Reliance Industries Ltd chairman Mukesh Ambani, Infosys founder Narayana Murthy and Future Group founder Kishore Biyani. They discussed business opportunities in India, and India’s retail landscape, according to a person privy to the meeting.
In his note to “customers, sellers, and partners", Bezos spoke of his admiration for the country that has rapidly scaled up to become the largest market for Amazon’s streaming platform Prime Video.
“I fall more in love with India every time I return here. The boundless energy, innovation, and grit of the Indian people always inspire me," Bezos said.
“I’m excited to share that we will invest an incremental $1 billion to digitize micro and small businesses in cities, towns, and villages across India, helping them reach more customers than ever before. As part of this initiative, we will use Amazon’s global footprint to enable $10 billion in exports of Indian products, to the rest of the world by 2025. Our investments will create an additional million jobs across the country by 2025."
Bezos leaves on Saturday morning.
India also introduced legislation in 2019 that barred online retail giants such as Amazon and Flipkart, an Indian firm owned by Walmart, from entering into exclusive tie-ups with sellers and offering products through vendors in which they have a direct financial interest. When the new law came into force, thousands of products were pulled from Amazon and Flipkart's virtual shelves.
And India remains a battleground for Amazon in terms of market share. The company faces fierce competition in India from Flipkart, though it's close to overtaking the firm — according to Forrester data cited by S&P Global Market Intelligence, Flipkart had a 31.9% market share in India in 2018, versus Amazon's 31.2%.
Both Amazon and Flipkart are also the focus of an antitrust investigation into whether they undercut small businesses on price
https://www.livemint.com/companies/...s-by-2025-says-jeff-bezos-11579281369952.html
https://www.businessinsider.com/jeff-bezos-said-amazon-is-investing-1-billion-in-india-2020-1
