Walmart announced Thursday that it will triple its exports of goods from India to $10 billion each year by 2027 in an effort to further endorse the country as it continues to “rise as a global hub of manufacturing.”
Moving forward, Walmart said it plans to help develop hundreds of new suppliers in key Indian export categories such as food, pharmaceuticals, consumables, health and wellness, and general merchandise, along with apparel and homeware.
According to the retailer, India is already one of its top sourcing markets with annual exports worth around $3 billion. India-made products such as apparel, homeware, jewelry and hardlines already reach customers in 14 markets, including Canada, Mexico, Central America and the United Kingdom.
Walmart believes India could eventually become one of the world’s top five e-commerce markets.
Thursday’s move builds upon its previous investment in the country. In 2018, Walmart purchased a controlling stake in the online retailer Flipkart for $16 billion in order to get a better foothold in the county.
“We see huge potential for Indian suppliers to grow their businesses by leveraging the unique scale and global distribution opportunity Walmart provides,” Walmart CEO Doug McMillon said in a statement.
McMillion noted that by “significantly accelerating” annual India exports, Walmart will be able to help even more local businesses reach international customers while also being able to create jobs and prosperity in India.