Apple CEO Tim Cook’s visit to China marks increased investment in supply chain, R&D, and retail: Report
Apple Inc. is set to expand its research endeavors in China, according to Chief Executive Officer Tim Cook, who shared the company’s vision during his ongoing visit to the country, reported Bloomberg.
Reportedly, Apple plans to allocate additional resources towards applied research in Shanghai, as per statements made by Cook to Commerce Minister Wang Wentao, as cited by the state-run newspaper China Daily on Friday. While specific details regarding the investment were not disclosed, Cook affirmed the company’s dedication to bolstering its presence in China, focusing on areas such as the supply chain, research and development (R&D), and retail operations.
“We are continuing to invest in China, in the supply chain, in R&D and in our stores,” Cook stated in a video excerpt from the meeting.
Cook’s visit coincides with the forthcoming China Development Forum in Beijing, where he joins a cohort of global executives. Chinese Premier Li Qiang is scheduled to deliver a keynote address at the annual summit, with anticipation surrounding potential meetings between top leaders.
Notably, Cook inaugurated a spacious new Apple store in central Shanghai on Thursday evening, signaling the company’s ongoing investment in its retail footprint. Situated opposite Shanghai’s iconic Jing’an Temple, the latest store marks Apple’s 57th establishment in China and its eighth in the bustling financial center. Notably, it stands as the tech giant’s second-largest flagship store globally, following its renowned Fifth Avenue counterpart in New York City.
However, Apple’s presence in China has faced challenges, evident in a recent downturn in iPhone sales. Independent research indicates a 24 percent decline in iPhone sales during the initial six weeks of the year.
In response, Minister Wang expressed China’s willingness to collaborate with the United States in fostering a fair, stable, and predictable business environment for both American and Chinese enterprises. He highlighted China’s emphasis on technological innovation, identifying sectors such as artificial intelligence and cloud computing as areas ripe with opportunities for companies like Apple.
(With inputs from Bloomberg)
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Published: 23 Mar 2024, 11:42 AM IST
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