BERLIN, Oct. 20 (Xinhua) -- U.S. tech giant Amazon on Tuesday announced plans to invest more than 16 billion euros (about 18 billion U.S. dollars) in Germany in 2027, focusing on data centers, artificial intelligence (AI) infrastructure, and logistics expansion.
The investment includes 4.8 billion euros (5.4 billion dollars) to expand Amazon Web Services' (AWS) cloud and AI infrastructure in the Frankfurt region to meet growing demand for digital services, the company said in a statement.
Amazon also plans to expand its satellite broadband network, modernize logistics facilities and increase local media production, it added.
The announcement came during the "Invest in Germany Summit" hosted by the German government in Berlin on Tuesday, as Europe's largest economy seeks to attract more private investment and revive growth amid persistent economic weakness.
Speaking after the summit, German Chancellor Friedrich Merz said investors had pledged around 230 billion euros (258 billion dollars) in investment to date, citing major companies including Amazon, Nvidia and French pharmaceutical group Sanofi.
However, it remained unclear how much of the investment pledges represented new commitments directly linked to Tuesday's summit and how much had been announced previously.
Among other major investment projects, Sanofi broke ground on a new insulin manufacturing facility in Frankfurt on Monday, two years after the project was first announced, according to German news agency dpa.
The facility, scheduled to begin operations in 2032 with an investment of around 2 billion euros (2.3 billion dollars), is expected to become one of Europe's largest insulin production sites, dpa reported.
The summit comes as Germany struggles to turn a modest economic recovery into sustained growth, with private investment remaining weak despite sharply increased government spending.
Merz said the government would continue to improve investment conditions by cutting bureaucracy, speeding up approval procedures and upgrading infrastructure.
Earlier this month, the German government raised its 2026 economic growth forecast to 1.3 percent, up from 0.5 percent projected in the spring, citing stronger exports and public spending, while private investment remained subdued.
The Economy Ministry later warned in a monthly report released last week that the recovery likely lost momentum in the third quarter amid sluggish industrial activity, weakening exports and subdued domestic demand.
