Apple’s investment and exports set to nearly triple in India

Dubai News

Apple is looking to double or triple investments in India, as well as exports, over the next few years, according to Rajeev Chandrasekhar, the Deputy Minister for Information Technology. He made the comments after meeting with Apple CEO Tim Cook, who was visiting India to open a second store in the country. Apple primarily assembles iPhones in India, with Taiwan-based contract manufacturers, but plans to expand into iPads and AirPods as it seeks to reduce its reliance on China.

Data from the India Cellular and Electronics Association showed that iPhones accounted for more than half of the total value of smartphones, worth around $9 billion, exported from India between April 2022 and February. Chandrasekhar stated that he was confident that the partnership between Apple and India had plenty of room for investment, growth, exports, and jobs, with the potential to double or triple over the coming years.

During his visit, Cook also met with Indian Prime Minister Narendra Modi and inaugurated an Apple store in New Delhi, following the opening of the company’s first outlet in Mumbai. The events drew extensive media coverage and Cook was treated like a Bollywood star, with some people attempting to touch his feet in a traditional gesture of respect while others asked for his autograph.

Apple has previously faced difficulties opening physical retail stores in India, but its products have been available on e-commerce websites, while its online store opened in 2020. The new stores come as Indian consumers are increasingly looking to upgrade their devices to more sophisticated models with richer feature sets, though Apple’s pricey phones remain affordable for only a few in the country, where it holds a market share of just 3%.

Thank you Prime Minister @narendramodi for the warm welcome. We share your vision of the positive impact technology can make on India’s future — from education and developers to manufacturing and the environment, we’re committed to growing and investing across the country. pic.twitter.com/xRSjc7u5Ip

— Tim Cook (@tim_cook) April 19, 2023

The company has been working to make India a larger manufacturing base. Contract electronics makers Foxconn, Wistron Corp, and Pegatron Corp are currently assembling Apple products, including iPhones, in India. In January, India’s Trade Minister said that Apple aimed to have the country account for up to 25% of its production, compared to the current figure of around 5-7%.

It was a delight to meet @tim_cook CEO, @Apple and his team to engage on Apple’s strategic and long-term partnership with and in India’s digital journey.

We discussed deepening and broadening manufacturing, exports, skilling of youth, expanding app n innovation economy and job… pic.twitter.com/CHrvlO4Aan

— Rajeev Chandrasekhar 🇮🇳(Modiyude Kutumbam) (@Rajeev_GoI) April 19, 2023

In conclusion, Apple is looking to increase its investment in India in the coming years, as well as expanding its exports to the country. With iPhones accounting for over 50% of the value of smartphones exported from India in the past year, the company sees a lot of potential for growth in the Indian market.

India sees Apple nearly tripling investment, exports in coming years https://t.co/47lXoLrcsT pic.twitter.com/cFvjnlJ3cj

— Reuters (@Reuters) April 20, 2023