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Amazon announced that it injected more than S$2 billion (US$1.5 billion) into its retail and cloud businesses in Singapore in 2023.
The outlay comprised capital expenditure, including improvements to existing infrastructure such as fulfillment centers, delivery stations, and data centers.
It also covered operating expenditure such as those related to technology, safety, and employee compensation, as well as the expansion of programs for its customers, delivery partners, and SMEs.
Third-party consultancy firm Keystone Strategy indicated that the online retail behemoth’s investment in the city-state supported more than 4,000 “indirect jobs” in areas such as construction, logistics, and other professional services.
An Amazon survey also found that Singapore businesses that conducted sales on the platform created more than 6,000 jobs to support their Amazon-related business activities.
In May, Amazon Web Services announced that it would commit S$12 billion (US$8.8 billion) to its existing Singapore cloud infrastructure over the next four years to meet rising demand for cloud services.
This came on top of its previous US$8.8 billion injection into the city-state from 2010 to 2023.
See also: Cross-border SEA sellers battle rise of Chinese platforms
Currency converted from Singapore dollar to US dollar: US$1 = S$1.34.
This story was republished with permission from The Business Times. It was moderately edited to reflect Tech in Asia’s editorial guidelines.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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