PM Modi’s meeting spurs Amazon’s record-breaking $26 billion investment

June 24, 2023 Yagya Shekhar Business, India 1

PM Modi's meeting spurs Amazon's record-breaking $26 billion investment

The Prime Minister held a productive meeting with the president and CEO of Amazon which resulted in Amazon’s total investment in the country to $26 billion.

After the meeting of CEO Andy Jessy and Prime Minister Narendra Modi, during his visit to the USUS, Ecommerce Major Amazon said that it plans to invest more than $15 billion in India. This resulted in the total investment to be $26 billion which is in turn a huge success for India.

“Discussions focused on the area of e-commerce and the potential of further collaboration with Amazon in the logistics sector in India,” said India’s External Affairs Ministry in a tweet and declared the meeting to be productive.

Discussions on the collaboration between Google and academic institutions in India were also held to promote research and development as well as skill development in India.

The ministry of external affairs also mentioned that Prime Minister, Narendra Modi invited Pichai to explore further avenues of collaboration in the domains of fintech, artificial intelligence as well as cybersecurity products including services and mobile device manufacturing in India.

Other productive meetings included the Prime Minister’s meeting with the Alphabet CEO Sundar Pichai on Friday in Washington in which he announced that the tech giant would be investing $10 billion in India’s digitization fund.

Mr. Pichai said, “Today we are announcing the opening of our global fintech operations center in GIFT City, Gujarat. It will cement India’s fintech leadership, thanks to UPI, and Aadhaar. We are going to build on that foundation and take it globally,”

Other than this, the prime minister at an interaction with top CEOs also met Apple CEO Tim Cook, Microsoft CEO Satya Nadella, OpenAI CEO Sam Altman, and AMD CEO Lisa Su.

Mr. Andy Jessy said, “I had a very good and productive conversation with Prime Minister Modi. I think we share a number of goals. Amazon is one of the biggest investors in India. We have invested $11 billion till date and intend to invest another $15 billion, which will bring the total to $ 26 billion. So, we are very much looking forward to the future of partnering,”

Further reports have claimed that India’s Prime Minister, Mr. Narendra Modi is visiting the US from June 21 to June 24 at the invitation of President Joe Biden and First Lady Jill Biden.

 

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