Amazon CEO Jeff Bezos vows to invest $3 bn in India

– Amazon chief executive Jeff Bezos has pledged to invest $3 billion in India, in a big bet on the growth of online shopping in the fast-growing South Asian economy, AFP reports.

Speaking in Washington DC as India’s Prime Minister Narendra Modi visits the United States, Bezos told a gathering of business leaders that he saw “huge potential” in India.

The investment, announced Tuesday, June 7 comes on top of $2 billion Amazon invested in India in 2014, and will boost Modi’s campaign to attract foreign cash to create much-needed jobs.

“We have already created some 45,000 jobs in India and continue to see huge potential in the Indian economy,” Bezos said at the US-India Business Council meeting, according to a statement from the group.

“Our team is surpassing even our most ambitious planned milestones,” he said, according to AFP.

Amazon has made steady inroads in India since entering the cut-throat, rapidly growing e-commerce market in 2013.

But it faces stiff competition from local rivals Snapdeal and Flipkart, which have attracted billions of dollars in overseas investment.