This week, Chief Executive of Apple Inc Tim Cook will visit India and meet up with Prime Minister Narendra Modi on the 2nd leg of his Asian trip, as the firm pursues to recover slow iPhone sales, according to sources.
Cooks official visit, after a trip to China, comes at a critical period as Apple looks for fresh developing markets after publishing its 1st ever slump in iPhone sales, and as India has rejected authorization to trade refurbished phones, a change perceived as key to appealing to price sensitive local shoppers.
It is a Cooks first visit to India as the leader of the U.S. technology company. It was not directly clear whether he would talk over trade in refurbished iPhones with representatives in New Delhi.
Another source stated India was eager to know if Apple had scheduled to arrange production facilities for the local market, that would be an increase for Modis "Make in India" manufacturing drive.
Indias Maharashtra state, also govern by Modis Bharatiya Janata Party, is by now in discussions with Apple product maker Foxconn Technology over it developing an iPhone facility there.
Maybe on Tuesday, Cook will also meet up with employees and partners, aside from meeting Modi. Apple refuses to give information of Cooks schedule in India, the plan is private.
Tim Cook is visiting China after declaring a $1 billion investment in Chinese ride hailing app Didi Chuxing.
Tim Cook visit there approaches at a period when Apple is facing some trials in its most important overseas market, including declining smartphone sales, the defeat of an iPhone trademark argument and the postponement of some of its online entertainment services.
In India, Apple is considering setting up its first retail store, as it only has approximately a 2% market share. However, its sales there increased 56% in the first three months of this year, focused mostly by cheaper older generation devices like the iPhone 5S.
Over 100 million smartphones were traded in India the previous year and the market is anticipated to develop by 25% this year, making India one of the fastest developing smartphone markets in the world.
Since his election in 2014, Modi has enticed U.S. tech firms as part of his plan to bring businesses to India. During a trip to Silicon Valley, Modi met Cook the previous year.
On Additional News
On Monday,May 16, US stocks finished higher, headed by energy stocks and a new increase in the tech sector, as well as Apple Inc, who increase 3.7 percent and contributed to increases across the board.
The Dow Jones Industrial Average increase 175.39 points, or 1 percent, to settle at 17,710.71. Increased were headed by Apple, that posted off period peaks for its best day since 1 March following Warren Buffetts Berkshire Hathaway Inc publicized in a regulatory filing it had purchased 9.8 million stocks in the firm during the period of the first quarter, according to the reports.. Boeing and Home Depot contributed to gains to the Dow as well.