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Apple's CEO Tim Cook visits China to discuss increased investment in research and development amidst challenges like declining iPhone sales and government bans. The visit highlights the importance of the Chinese market for Apple's future growth.
In this photo provided by China's Xinhua News Agency, Apple CEO Tim Cook attends the opening of a new flagship Apple store in Shanghai, China.
Tim Cook, CEO of Apple, revealed plan investment in Chinese research and development during his high-profile visit to the country, according to a report by Bloomberg.
Cook reportedly met with China's Commerce Minister Wang Wentao, where he discussed plans to dedicate resources towards applied research in Shanghai, China's financial hub. The exact amount of the investmen tremains undisclosed, as reported by the state-run newspaper China Daily.
"We are continuing to invest in China, in the supply chain,in R&D and in our stores," Cook emphasised in a video clip from the meeting.
Cook's visit coincides with the upcoming China Development Forum in Beijing, scheduled to begin on Sunday. Chinese Premier Li Qiang is expected to deliver the keynote address at the annual summit, while details on which top leaders executives will meet remain unclear. This visit follows recent reports suggesting Apple facing challenges in China. Bloomberg cites independent research indicating a 24% drop in iPhone sales first six weeks of the year. Additionally, a government ban on iPhones within state agencies and government-backed firms was implemented late last year. These developments occur amidst a backdrop of strained US-China relations, with the US taking steps to restrict China's advancements in artificial intelligence and semiconductors.
China's Commerce Ministry released a statement on Saturday indicating that Minister Wang expressed China's willingness to collaborate with the US to establish a fair, stable, and predictable business environment for both American and Chinese companies. Wang further emphasized China's push for technological innovation, highlighting sectors like artificial intelligence and cloud computing as areas of significant opportunity for companies like Apple.
Source: TOI
