Amazon on Wednesday announced plans to invest over $35 billion in India’s cloud and artificial intelligence sectors by 2030, as global tech giants compete to strengthen their presence in the country.

The pledge, revealed at the Amazon Smbhav Summit in New Delhi, adds to nearly $40 billion the company has already invested in India.

According to a press release, the new investment will focus on AI-driven digital transformation, boosting exports, and creating jobs, supporting India’s national agenda to develop a robust local AI ecosystem.

By 2030, Amazon expects the initiative to create an additional 1 million jobs across direct, indirect, induced, and seasonal roles in India, quadruple exports to $80 billion, and extend AI-driven benefits to 15 million small businesses.

India is emerging as one of the fastest-growing markets for AI investment in the Asia-Pacific region.

The investment underscores Amazon’s confidence in India’s rapidly expanding digital economy, where it has been expanding fulfillment centers alongside data centers and payments infrastructure through its Amazon Web Services subsidiary. The move follows Microsoft’s recent announcement to invest $17.5 billion in India’s AI infrastructure, as major tech companies ramp up their presence in the country.

“We are humbled to have been a part of India’s digital transformation journey over the past 15 years,” said Amit Agarwal, senior vice president for emerging markets at Amazon.

“Looking ahead, we’re excited to continue being a catalyst for India’s growth, as we democratize access to AI for millions of Indians.”