Apple Inc (AAPL)

[Investors3]

India IT minister sees Apple nearly tripling investment, exports in coming years
Thursday, April 20, 2023 10:24 am

Apple could double or triple investments in India, along with exports, over the next few years, a minister said, as the company opened a second retail store in the country.

Reuters:

Apple mainly assembles iPhones in India through Taiwan contract manufacturers but plans to expand into iPads and AirPods, as it looks to cut reliance on China.

Its iPhones made up more than half of total smartphones worth about $9 billion exported from India between April 2022 and February, data from the India Cellular and Electronics Association shows.

“I am very confident that this Apple-India partnership has a lot of headroom for investments, growth, exports and jobs – doubling and tripling over coming years,” Rajeev Chandrasekhar, the deputy minister for information technology, told Reuters.

His comments came after a meeting on Wednesday with Apple Chief Executive Tim Cook in the capital, New Delhi.

Cook, who also met Prime Minister Narendra Modi, said Apple was “committed to growing and investing across the country.”

MacDailyNews Take: Hopefully, even more than that.

The CCP’s lunacy is India’s gain. – MacDailyNews, March 3, 2023

https://macdailynews.com/2023/04/20/india-it-minister-sees-apple-nearly-tripling-investment-exports-in-coming-years/

Apple CEO Cook meets India PM Modi, commits to growth and investment
Wednesday, April 19, 2023 11:06 am

Apple CEO Tim Cook on Wednesday met with India’s prime minister, Narendra Modi, in New Delhi and committed to growth and investment across the country.

Reuters:

Cook is on a visit to India this week and inaugurated the iPhone maker’s first retail store in the country on Tuesday in Mumbai. Apple will also open a retail store in New Delhi on Thursday.

Cook’s visit to India underscores Apple’s growing ambitions for the country, where despite having just a 3% market share the company has been expanding iPhone assembly via contract manufacturers, and also boosting its exports.

MacDailyNews Take: Here’s the Twitter exchange:

An absolute delight to meet you, @tim_cook! Glad to exchange views on diverse topics and highlight the tech-powered transformations taking place in India. https://t.co/hetLIjEQEU

— Narendra Modi (@narendramodi) April 19, 2023

https://macdailynews.com/2023/04/19/apple-ceo-cook-meets-india-pm-modi-commits-to-growth-and-investment/