Amazon announced on Wednesday that it will invest 10 billion euros in Europe’s largest economy, Germany, to meet the growing demand for its cloud services and retail products. The majority of this investment, 8.8 billion euros, will be allocated towards expanding its Amazon Web Services (AWS) computing unit by 2026, with a focus on AI technologies.
The German Chancellor, Olaf Scholz, welcomed the investment which is expected to create over 4,000 jobs this year, highlighting the country’s attractiveness to investors. This news comes at a time when Germany is facing economic challenges such as a recession caused by high energy costs and interest rates, as well as a lack of investment due to bureaucratic hurdles.
This latest investment brings Amazon’s total planned investments in Germany to 17.8 billion euros. In addition to this, AWS is reportedly considering significant investments for the expansion of its data centers in Italy, indicating the company’s continued focus on strengthening its presence in Europe.
The announcement of this investment by Amazon is seen as a positive sign for Germany’s economy and its attractiveness to foreign investors. It also reflects the company’s confidence in the potential for growth in Europe, particularly in the development and deployment of AI technologies.
Overall, Amazon’s investment in Germany is expected to have a significant impact on job creation and economic growth in the country, while also further enhancing the company’s position as a leading provider of cloud services and retail products in Europe.
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https://finance.yahoo.com/news/amazon-invests-11-billion-expand-133746442.html