Apple’s Tim Cook signed a $275 billion deal to set foot in China: Report
Apple Inc CEO Tim Cook has signed a deal with Chinese officials, estimated to be worth about $275 billion, to defuse threats that will affect Apple’s devices and services agency in the country, ‘The Information’ reported on Tuesday.
Apple did not immediately respond to Reuters’ request for comment.
The five-year agreement came when Cook visited China in 2016 to quell a series of legal actions against the company, the report said, citing interviews and internal Apple documents.
Cook lobbied Chinese officials, who believed the company wasn’t contributing enough to the local economy, and signed an agreement with a Chinese government agency, making concessions to Beijing and winning exemptions. important legislation, the report added.
Some of Apple’s investments in China will go toward building new retail stores, research and development centers, and renewable energy projects, the report cited the agreement.
China is one of Apple’s biggest markets with year-over-year sales growth of 83% in its fiscal fourth quarter.
According to information from Chinese suppliers, Apple promises to use more components from Chinese suppliers in its devices, signs contracts with Chinese software companies, cooperates on technology. technology with Chinese universities and invest directly in Chinese technology companies.
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