After Mukesh Ambani announced to launch JioMart challenging Amazon and Walmart on December 31, 2019, Amazon CEO Jeff Bezos announced of investing invest US $1 billion over the next five years in India.
The investment will be made with an aim to digitize 10 million micro, small, and medium enterprises (MSMEs) and traders across India.
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Bezos was speaking at a two-day mega event Smbhav Summit on Wednesday.
Smbhav Summit is organised by Amazon to connect with small business owners in India.
Speaking in the event Bezos said, “I predict that the 21st century is going to be the Indian century. India is a democracy which is a major characteristic of the country.”
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“In terms of alliances, the 21st century would be about the bilateral relations between the US and India,” he added.
“We’re committed to being a long-term partner of India,” he said.
Over the next five years, Amazon will invest the incremental US $1 billion to digitize MSMEs across India,” he reiterated.
“This initiative will use Amazon’s global footprint to create US$10 billion in India exports by 2025,” he added.
“Our hope is 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,” he added.
JioMart is currently catering to online shoppers in the suburban Mumbai areas of Navi Mumbai, Thane and Kalyan.