The company aims to digitize 10 million MSMEs with this investment, helping Indian businesses grow by selling online worldwide
Amazon.com Inc. will export $10 billion worth of Indian goods worldwide by 2025, Jeff Bezos announced on Wednesday at an event held in New Delhi. The announcement comes at a time when the e-commerce giant and its rival Walmart-owned Flipkart are facing a nation-wide protest from small-medium scale traders for unfair trade practices such as deep-discounting and giving preference to select sellers.
The Silicon Valley-headquartered marketplace plans to invest $1 billion to digitally enable micro, small, and medium enterprises (MSMEs) and traders across India, including manufacturers, resellers, local offline shops, and brands.
“This initiative will use Amazon’s global footprint to create $10 billion in India exports by 2025. Our hope is that this investment will bring millions more people into the future prosperity of India and at the same time expose the world to the ‘Make in India’ products that represent India’s rich, diverse culture,” said Bezos.
More than 500,000 traders across 300 cities have joined hands to protest against unfair trade policies on Amazon and rival Flipkart. Both marketplaces were accused of flouting India’s foreign direct investment policies, giving preference to their own sellers, and providing such deep discounts has been eating into brink and mortar stores margin.
The company aims to digitize 10 million MSMEs with this investment, helping Indian businesses grow by selling online worldwide. The marketplace also plans to establish digital haat, or flea market, across India.
“We’re committed to being a long-term partner of India. And actions speak louder than words,” said Bezos.
Amazon’s boss Bezos made a surprise entry in Smbhav’s guest list. Smbhav is a two-day event hosting more than 3,000 businesses, traders, start-ups, and technology solution companies. Apart from Amazon, the event will also have Kishore Biyani, Future Group’s founder and chief executive, and Infosys’ co-founder Narayana Murthy’s presence, among other eminent personalities.
During the Summit, Bezos presented three Small Business Awards to local Indian businesses for Digital SMB of the year, Woman Entrepreneur of the Year, and Global SMB of the Year.