India got a shout-out from U.S. President Donald Trump during his speech at Fort Myer in Arlington, Va. on Monday.
The president said the U.S. wants to strengthen its strategic partnership with India. Trump also prompted India to do more to help Afghanistan return to peace and stability. "We appreciate India's important contributions to stability in Afghanistan but India makes billions of dollars in trade from the United States and we want them to help us more with Afghanistan, especially in the area of economic assistance and development," he said.
The speech came at a time when India has become a hot bed for competition among tech titans. The president's relationship with China will absolutely affect the tech giants if nothing else because they outsource such a large amount of their data managing and processing to India, said Tigress Financial CIO Ivan Feinseth.
"India and China are huge markets for the leading tech companies, but those countries don't come without difficulties," Feinseth said. He noted that Trump has been pushing for India and China to reduce tariffs on goods being imported from the U.S. into their respective countries as a way to level the trading platform.
On Amazon.com's (AMZN) latest earnings call, the U.S. e-commerce giant said that India was still its prime international focus. "We continue to invest in India," CFO Brian Olsavsky said when asked about where countries rank in its international focus. "We're very hopeful with the progress we've made with sellers and customers alike in India and we see great momentum and success there, so we continue to invest and we have some of our best people in that business."
Last year, Amazon said it would spend an additional $3 billion in India, a nice top-off to its previous $2 billion spent in the country. For the first half of 2017, Amazon's losses from its international business totaled $1.206 billion, an enormous leap from the $255 million loss in the year ago period.