BERLIN, June 19 Reuters Amazon will invest 10 billion euros 10.75 billion as demand for its cloud services and retail goods in Europe39;s biggest economy keeps growing, the US technology and retail company said on Wednesday.

The greater part of the sum, 8.8 billion euros, will be spent by 2026 to expand the cloud infrastructure of its computing unit Amazon Web Service AWS, as it sees rising potential in Artificial Intelligence AIdriven technologies in Europe.

German Chancellor Olaf Scholz praised the investment that would create more than 4,000 jobs this year by saying it underlines the country39;s attractiveness for investors.

Berlin is dealing with an economic downturn triggered by high energy costs and interest rates, as well as underinvestment due in part to red tape.

The announcement brings the total amount of Amazon39;s planned investments in Germany to 17.8 billion euros.

AWS was considering multibillion investments in the expansion of its data centres in Italy, Reuters reported in May.

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Reporting by Andrey Sychev Editing by Madeline Chambers

Source Reuters