Amazon will invest $15 billion in India by 2030

After meeting with Prime Minister Narendra Modi this week, Amazon said it would more than double its investment in India over the next seven years.

Amazon CEO Andy Jassy said Friday that the company has invested $11 billion in India and plans to invest $15 billion more by 2030. Most of the new capital is likely for AWS’s expansion in India. Last month, the company announced a $12.7 billion cloud business investment in South Asia by 2030.

Productive meeting with Prime Minister @NarendraModi. Discussed Amazon’s commitment to invest $26B in India by 2030; working together we will support startups, create jobs, enable exports, and empower individuals and small businesses to compete globally. pic.twitter.com/yEgy0TVqpK

— Andy Jassy (@ajassy) June 23, 2023

Despite closing many businesses in India in recent quarters, Amazon is a major foreign market. Amazon’s rival Walmart spent over $2.5 billion in India this year.

Google CEO Sundar Pichai announced Friday that GIFT City in Gujarat will host a global fintech operation center.

Modi’s U.S. visit has garnered several high-profile commitments this week. Micron will invest up to $825 million in its first DRAM and NAND assembly and test facility in India, while Applied Materials will invest $400 million over four years in a new engineering center.