Jeff Bezos, CEO of Amazon Inc, currently on a three-day visit to India, announced on Wednesday that the world's largest online retailer company will invest $1 billion to digitise small and medium businesses in India.
At an event called ‘Amazon SMBhav’, Bezos said that the Amazon India Marketplace's success is the reason behind his decision.
“25 years ago Amazon was an SMB. Today we are announcing that we are going to invest $1 billion in digitising SMBs,” Bezos said.
Bezos also said that his company will also export "$10 billion worth of 'Make in India' goods by 2025."
The two-day ‘Amazon SMBhav’ event commenced on January 15 in Delhi. The SMBhav initiative was started by Amazon India to set up 'Digital Haats' in 100 cities, villages, and communities to help digitalise their businesses.
As part of the initiative, Amazon India reached out to industry leaders to take part in the two-day event in Delhi, Gopal Pillai, vice president, Amazon India Marketplace stated.
"over 70 speakers have agreed to join the event over the next two days," Pillai had said.
Ahead of Bezos's visit, the Competition Commission of India (CCI) ordered an enquiry into alleged unethical business practices by the e-commerce companies like Amazon and Flipkart.
Recently in the month of November-December, 40,000 trade associations organised widescale protests against e-commerce companies like Amazon and Flipkart for violating Foreign direct investment (FDI) laws through practices like deep discounting, predatory lending.