E-commerce giant Amazon.com Inc (NASDAQ:AMZN) is reportedly making a significant investment exceeding €1.2 billion ($1.3 billion) in its French operations, aiming to create over 3,000 permanent positions within the country.
The French presidency revealed plans for Amazon and other firms, like GSK plc (NYSE:GSK) and Accenture Plc (NYSE:ACN), to unveil substantial investments during the "Choose France" event, beginning Monday, reported Reuters.
Amazon Web Services (AWS) will bolster cloud infrastructure in Paris to support France's burgeoning generative AI sector and enhance logistics infrastructure in Auvergne-Rhône-Alpes, the report mentioned.
France's growing interest in generative AI has driven demand for cloud services, with the nation emerging as an AI hub hosting promising startups like Mistral and Poolside, alongside research centers established by Meta Platforms Inc (NASDAQ:META) and Alphabet Inc's (NASDAQ:GOOGL) Google, as per the report.
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Amazon's investment in France since 2010 exceeds €20 billion, with over 22,000 permanent employees engaged across its cloud and e-commerce platforms.
Frédéric Duval, Amazon France's country manager, affirmed that the newly announced jobs supplement the 2,000 positions pledged for 2024.
A portion of the investment will facilitate the expansion of Amazon's logistics network, aiming to enhance delivery efficiency and reduce carbon emissions, leveraging its existing 35 logistics facilities in France, the report added.
Amazon stock has gained more than 68% in the last 12 months. Investors can gain exposure to the stock via Consumer Discretionary Select Sector SPDR Fund (NYSE:XLY) and Vanguard Consumer Discretionary ETF (NYSE:VCR).
Price Action: AMZN shares closed lower by 1.07% at $187.48 on Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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