As it established a second store in India, the world’s second-largest smartphone market after China, a minister suggested Apple <AAPL.O> may increase or triple investments and exports in the coming years.
Apple assembles iPhones in India through Taiwan contract manufacturers but aims to add iPads and AirPods to reduce its dependence on China.
According to the India Cellular and Electronics Association, iPhones accounted for more than half of India’s $9 billion smartphone exports between April 2022 and February.
“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,” deputy information technology minister Rajeev Chandrasekhar told Reuters.
After meeting with Apple CEO Tim Cook in New Delhi on Wednesday, he commented.
Cook, who met Prime Minister Narendra Modi, said Apple was “committed to growing and investing across the country.”
He opened an Apple store in New Delhi on Thursday, two days after unveiling its first in Mumbai, the commercial hub.
“We’ve come here only to see Tim Cook,” said Android phone user Manika Mehta, 32, in the Delhi store wait.
As in Mumbai, Cook spoke to fans and took selfies for about 500 people.
“My heart was skipping a beat,” Reeti Sahai, 45, said after shooting a selfie. Apple addict. Tim Cook’s journey and character attract me.”
Cook has been feted like a Bollywood celebrity, with some fans touching his feet and others asking for his autograph.
Apple’s products have been available on e-commerce websites since 2020, but it has had trouble developing physical retail stores in the South Asian nation.
The new outlets open as Indian consumers upgrade from inexpensive phones under $120 to sexier ones with more features.
Apple’s 3% market share in India means only a handful can afford its expensive phones.
Apple is expanding production in India. Foxconn (2317. TW), Wistron Corp (3231. TW), and Pegatron Corp (4938. TW) assemble their iPhones in India.
In January, India’s commerce minister claimed Apple wants 25% of its manufacture from India, up from 5% to 7%.
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