Apple CEO Cook meets with Chinese Trade Minister and unveils investment plans
Tim Cook, Apple CEO Tim Cook (Photo: Bloomberg)
By Bloomberg News
Apple Inc. plans to invest further in research in China, CEO Tim Cook said as he continued his high-profile visit to the country.
The company will pour resources into applied research in Shanghai’s financial center, state-run newspaper China Daily reported on Friday, citing Cook’s comments to Commerce Minister Wang Wentao. He did not disclose details about the investment, according to the newspaper.
“We continue to invest in China, in the supply chain, in R&D and in our stores,” Cook said in a video clip of the meeting.
Cook is among a group of global executives expected to attend the China Development Forum in Beijing from Sunday. Chinese Premier Li Qiang will deliver a keynote speech at the annual summit, amid ongoing speculation over which top leaders they will meet. Apple’s CEO also opened an expansive new store in downtown Shanghai on Thursday evening.
The visit comes amid recent signs that Apple is struggling in China. According to independent research, iPhone sales fell 24% in the first six weeks of the year. The government ban on iPhones at government agencies and government-backed companies was tightened late last year. That comes as some relations between Beijing and Washington continue to deteriorate, with the US recently taking more steps to shield and curtail its rival’s ambitions in artificial intelligence and semiconductors.
Wang told Cook that China is willing to work with the US to create a fair, stable and predictable business environment for American and Chinese companies, a Commerce Department statement said on Saturday.
He said China is promoting technological innovation, and sectors such as artificial intelligence and cloud computing offer huge opportunities for companies like Apple.
First print: March 23, 2024 | 1:06 PM IST