The largest economy in Europe, Amazon, a US technology and retail behemoth, revealed on Wednesday that it will invest 10 billion euros ($10.75 billion) in response to the growing demand for its cloud services and retail goods.
The US technology and retail giant, Amazon (AMZN.O.), announced on Wednesday that it will invest 10 billion euros ($10.75 billion) in response to the increasing demand for its cloud services and retail products in the largest economy in Europe.
The majority of the money, 8.8 billion euros, will be used by its computing company, Amazon Web Service (AWS), to develop the cloud infrastructure by 2026 since it believes that artificial intelligence (AI)-driven technologies have increasing promise in Europe.
Olaf Scholz, the chancellor of Germany, applauded the investment, saying it highlights the nation’s appeal to foreign investors and would generate over 4,000 new jobs this year.
Berlin is experiencing a downturn in the economy brought on by high energy and interest rates, as well as underinvestment brought on partly by bureaucracy.
With this statement, Amazon’s planned investments in Germany now total 17.8 billion euros.
AWS was thinking about investing billions of dollars to expand its data centers in Italy.
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