Amazon's Bezos commits USD 1bn to digitise SMEs

January 15, 2020 15:06

Amazon.com Inc chief Jeff Bezos on Wednesday announced an USD 1 billion (over Rs 7,000 crore) investment in India to help bring small and medium businesses online and committed to exporting USD 10 billion worth of India-made goods by 2025. Before this, the online retail giant had committed USD 5.5 billion investments in India - Amazon's most important market outside of the US and a key growth driver.

"We are committed to being a long-term partner of India. And actions speak louder than words, he said. "Over the next five years, Amazon will invest an incremental USD 1 billion to digitise micro and small businesses... across India, helping them reach more customers than ever before. This initiative will use Amazon's global footprint to create USD 10 billion in India exports by 2025," he said.

He added that part of this goal is to ensure that more people can participate in the prosperity of India. "We are making this announcement now because it is working... When something works you should double down on it. And that is why we are doing it." Amazon hopes that this investment will "bring millions of more people into the future prosperity of India and at the same time expose the world to the 'Make in India' products that represent India's rich, diverse culture."

The company had previously said it expected e-commerce exports from India to reach USD 5 billion by 2023 under its global selling programme. Bezos, who began a three-day visit to India on Tuesday by visiting Mahatma Gandhi memorial at Rajghat, was speaking at the SMBhav summit - an Amazon India gathering for small and medium businesses.

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