Day: June 24, 2023

The largest economy in South Asia will benefit from an additional $15 billion in investments from the world’s biggest e-commerce giant over the next seven years.

As the e-commerce giant strengthens its commitment to one of the largest technological marketplaces in the world, Amazon will more than double its investment in India to $26 billion by 2030, according to its chief executive.

Andy Jassy announced on Friday during his conversation with Indian Prime Minister Narendra Modi that the largest e-commerce firm in the world will invest an additional $15 billion over the following seven years – in addition to an original $11 billion – to improve numerous sectors in South Asia’s largest economy.

While in Washington, Mr. Modi met with key officials and business executives to promote India’s industrial and economic prospects.

According to Mr. Jessy on Twitter, the “productive meeting” covered “Amazon’s commitment to invest $26 billion in India by 2030; collaborating on how we will support start-ups, create jobs, enable exports, and empower people as well as small enterprises to compete globally”.

Seattle-based Regarding this, Amazon has not made any public statements.

India is a technological hub, where businesspeople profit from an estimated population of more than 1.4 billion people who depend on sophisticated digital services every day.

To take benefit of the prospects India offers, many technology businesses have established offices there.

According to figures from the India Brand Equity Foundation, India’s exports of manufacturing in fiscal year 2022 reached a record-breaking $418 billion, an increase of more than 40% over the $90 billion recorded in the prior year.According to the IBEF, New Delhi anticipates that the electronics manufacturing sector would be worth $300 billion by 2030.

Apple built its first retail locations in the nation in April, aiming to capitalize on a retail sector with significant room for expansion and a strong industrial sector.

That comes after Apple began producing the iPhone 14 in Chennai, moving a portion of its production there from China and giving the Modi administration’s Make in India drive a boost.

Earlier this year, US retailer Walmart, Amazon’s main rival in India, stated that it will invest $2.5 billion in the country to take advantage of the burgeoning retail and e-commerce industries there.

In a meeting with Prime Minister Modi earlier this month, Sam Altman, the CEO of OpenAI, the company that developed ChatGPT, expressed his confidence that artificial intelligence will play a significant role in India’s technology and economic sectors.

Sundar Pichai, the CEO of Google, announced in a separate statement on Friday that the business will build a worldwide FinTech hub in Gujarat International Finance Tec-City.

With 272,732 companies recognized by the government of India’s Startup India initiative, startups are also a significant contributor to the nation’s technological engine.

In order to accommodate rising customer demand for cloud services, Amazon Web Services, the firm’s cloud computing division, announced in May that it would invest $12.7 billion in cloud infrastructure in India by 2030.

The investment, which is expected to boost India’s GDP by $23.3 billion by 2030, is a continuation of AWS’s previous $3.7 billion investment between 2016 and 2022, bringing the US company’s overall investment in India to $16.4 billion by that time.

Along with increasing its investments in renewable energy, Amazon added 71 new renewable energy projects to its portfolio in September, including the company’s initial solar farm in India.

Mr. Modi’s trip to Washington was successful since it led to several investment agreements. One of these commitments comes from US semiconductor maker Micron, which stated that it will spend up to $825 million to set up its first assembly facility in the nation.

A prosperous location driven by technology

The Middle East is trying to lessen its reliance on petrochemical-based earnings as “oil shock” — the significant hole left in Gulf state finances by falling oil revenues — has become a bitter reality. Recently, technology-driven projects have increased in Dubai. Digital technology is leading the way in developing new sources of income.

Growing investment and startup activity

The emirate is concentrating on luring foreign investment from the tech industry. In 2016, startup investments in the UAE exceeded $1 billion, and since the creation of Dubai Internet City, companies there have received over $2 billion in investment, with money going to companies that specialize in robotics, IoT, big data, cyber security, and AI.

Careem, a ride-hailing start-up with headquarters in Dubai, has achieved significant success and, in December 2016, joined the exclusive “Unicorn Club” of billion-dollar startups. It has received finance totaling $71 million, which has enabled it to expand into 26 locations throughout the Middle East, North Africa, and Pakistan.

E-tailer Souq.com is another Dubai success story. In 2017, Amazon acquired the business for an estimated $800 million, making it Dubai’s first high-profile technology startup purchase.

Transforming Dubai into a smart city to live and work in

Dubai has been setting the pace in the development of smart cities, employing tactics that digitize public services and redesign infrastructure generally in order to enhance quality of life, access to data, efficiency, and sustainability. In order to become the smartest city in the world, Dubai announced the Smart Dubai initiative in March 2014. The effort has six main focuses: the economy, environment, people, mobility, living, and government.

Dubai has made significant investments in technology-based healthcare as part of its smart city initiative. By 2020, the healthcare market in the United Arab Emirates (UAE) will be worth about $20 billion overall, and Dubai has emerged as a major hub for medical travel. The emirate also enacted a law requiring health insurance in 2014, and it employs IoT and cloud platforms to manage patient data and perform data analysis. The construction of two specific industrial free zones, Dubai Healthcare City and Dubai Biotechnology and Research Park, demonstrates a commitment to healthcare and medical research.

Dubai won numerous prizes in a variety of categories, include innovative living, smart security for the public, smarter health, intelligent transportation, a sustainable environment, and smart utilities, at the first-ever IDC Smart City Middle East Awards in April 2018. All of these activities are a part of the overarching plan to keep attracting talented, professional employees from all over the world and to keep making Dubai a more desirable destination to live and work.

Goals for the future

The expansion of business accelerators and incubators like Turn8, ImpactHub, Astrolabs Dubai, and In5 is at the heart of the effort to make Dubai the next Silicon Valley. Dubai Internet City, the emirate’s chosen technology and innovation zone, plans to host 10 percent more new businesses in 2018 and beyond.

Additionally, the internet behemoth Cisco recently showed its faith in Dubai by opening an Innovation and Experience Centre, and other projects are heavily tech-focused. By 2020, the emirate hopes to build “the first blockchain-powered government in the world” and establish itself as “the world’s 3D printing hub.” The Dubai Roads and Transport Administration has set a goal for the percentage of driverless automobile trips made in Dubai by 2030.

The ruler of Dubai and prime minister of the United Arab Emirates, Sheikh Mohammad Bin Rashid Al Maktoum, has previously stated that he views technology as a facilitator rather than as a primary objective and that digital innovation will support his goal of making Dubai the happiest city on Earth.