Apple Stock News: Made in India

Apple Stock News

For the latest Apple Stock News, AAPL closed at $129.08 on Friday, February 3, 2017 with a 0.43% gain, or $0.55 from its previous close of $128.53 per share.

 

Apple Stock News

Source: https://goo.gl/DhwT6p

Apple is dismissing President Trump’s “Made in America” movement to take on a great obstacle and a greater opportunity, the market of India. On February 2, 2017, IT minister of India, Priyank M. Kharge, confirmed and welcomed Apple’s proposals to manufacture iPhones in the developing country. iPhones are expected to begin production in June 2017 in the industrial area of Peenya, located in the capital city of India’s southern Karnataka state, Bengaluru. India will be the third country globally to assemble iPhones.

The tech company has stated their intentions to expand its operations and had been communicating with the Indian government about opening retail stores in the area. Apple’s decision on the move is in hopes that the new jobs would increase the living standard and create a technology ecosystem. India has a legal requirement that single-brand retailers must locally source 30% of their products. Therefore, Apple views this as an opportunity to create new partnerships with locals in the country. Wistron Corporation, an Apple supplier headquartered in Taiwan, will operate the assembly of the iPhones in the Indian facility.

With over 300 million smartphone users, India is expected to overtake the U.S. as the second largest market later this year. Taking this into consideration, Apple is keen on penetrating the market early to widen the possibilities for their devices. Especially with the benefits and incentives they are receiving, such as lower import taxes, Apple is ready for iPhones to read “Made in India.”

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