On Wednesday, Amazon announced a 10 billion euro ($10.75 billion) investment to meet Europe’s largest economy’s expanding demand for its cloud services and retail goods
The majority of the sum, 8.8 billion euros, will be allocated by 2026 to the expansion of the cloud infrastructure of its computing unit, Amazon Web Service (AWS), in response to the increasing potential of Artificial Intelligence (AI))–driven technologies in Europe.
The investment, expected to generate over 4,000 employees this year, was commended by German Chancellor Olaf Scholz, who stated that it underscores the country’s appeal to investors.
Berlin is experiencing an economic decline precipitated by high energy costs, interest rates, and underinvestment partially attributable to red tape.
The announcement brings the total amount of Amazon’s anticipated investments in Germany to 17.8 billion euros.
In May, it was reported that AWS was contemplating investments in the region of multi-billion dollars to expand its data centers in Italy.