After meeting with Prime Minister Narendra Modi this week, Amazon said that it would increase its investment in India by more than doubling it over the course of the following seven years, joining a long list of other well-known American corporations who are increasing their commitment to the South Asian market.
Despite the company’s recent closure of several businesses there, India represents one of Amazon’s most important international markets. Walmart, a major rival of Amazon, has also invested more than $2.5 billion in India so far this year.
According to Amazon CEO Andy Jassy, the e-commerce company has so far invested around $11 billion in India and has plans to invest an additional $15 billion by 2030. The growth of AWS in India is anticipated to receive the vast majority of the new funding. The business announced last month that it will put $12.7 billion into the country of South Asia’s cloud industry by 2030.
This week, a number of other high-profile commitments have been drawn to Modi’s trip to the United States. While Applied Materials promised to invest $400 million over four years in a new engineering centre in India, Micron, a U.S. memory chip company, announced it will invest up to $825 million in its first DRAM and NAND manufacturing and test facility there.