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Amazon to invest $1.3 billion in France, create 3,000 jobs
Global Banking & Finance Review®
Company
By Supantha Mukherjee
STOCKHOLM (Reuters) – Amazon said on Monday it would invest more than 1.2 billion euros ($1.3 billion) in its French operations and create more than 3,000 permanent jobs in the country.
The French presidency had said on Sunday that Amazon and other companies, including GSK and Accenture, would announce investments worth billions as part of the country’s annual “Choose France” event, which begins on Monday.
Amazon Web Services’ (AWS) investment would increase cloud infrastructure in the Paris area to support France’s flourishing generative AI opportunity, and logistics infrastructure in the Auvergne-Rhône-Alpes region, the company said in a statement.
Increased popularity of GenAI has been fuelling demand for cloud services, and France has become a hub for AI, with promising startups such as Mistral and Poolside. Companies such as Meta and Google have set up AI research centres in the country.
Amazon has invested more than 20 billion euros in its French operations since 2010 and employs more than 22,000 permanent employees across its cloud and online retail businesses.
“These jobs are in addition to the 2,000 jobs we announced for 2024,” said Frédéric Duval, country manager at Amazon France.
A part of the investment would also be used to expand its logistics network to increase speed of delivery and reduce carbon emissions. It has more than 35 logistics facilities in France.
($1 = 0.9286 euros)
(Reporting by Supantha Mukherjee in Stockholm; Editing by Tom Hogue and Gerry Doyle)
Investment refers to the allocation of resources, usually money, to generate income or profit. It can involve purchasing assets such as stocks, bonds, or real estate with the expectation of future returns.
Job creation is the process of providing new employment opportunities, often through business expansion or new ventures. It is crucial for economic growth and reducing unemployment rates.
Cloud services are computing resources and services delivered over the internet. They allow businesses to access and store data remotely, enhancing flexibility and scalability in operations.
Financial growth refers to an increase in the financial performance of a company or economy, often measured by metrics such as revenue, profit, and market share.
Technology in finance, often referred to as FinTech, involves the use of technology to improve and automate financial services, making them more efficient and accessible.
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