Tim Cook reportedly promised $ 275 billion to China in the investment agreement

Apple CEO Tim Cook “secretly” signed an agreement with China in which he agreed to invest about 275 billion dollars of Apple’s money to strengthen the country’s economy and “technological strength”, according to a new report.

The five-year agreement was reportedly concluded during a series of Cook’s visits to China in 2016 amid growing regulatory hostilities towards Cupertino. Since then, Apple has become the largest Chinese smartphone brand.

Cook puts an end to regulatory measures against Apple

“Prior to the meetings, Apple executives sought to save the company’s relationship with Chinese officials, who believed the company was not contributing enough to the local economy,” the report said. Information.

As a result of the “state action” and poor publicity that came with it, iPhone sales in China fell. So Cook made a deal with the authorities in which he pledged billions in Apple in cash, according to leaked documents.

The agreement said support promises support that includes “training high-quality Chinese talent”, “advanced production technologies”, new retail facilities, research and development facilities and renewable energy projects.

Cook also promised that Apple would buy more product components from Chinese suppliers, cooperate with local universities, sign contracts with Chinese software companies and invest in Chinese companies.

Apple has already made big investments

Cook “personally lobbied officials” after authorities threatened to impose restrictions on Apple’s services such as iCloud and the App Store, the report said. Other Apple officials, including COO Jeff Williams and Lisa Jackson, vice president of environment and policy, also met with Chinese officials.

That same year, Apple invested $ 1 billion in Chinese company Didi Chuxing, of which Apple is now a board member. Apple coughed up more than 50 billion yuan ($ 7 million) last year to help China’s efforts to fight COVID-19.

The 1,250-word “Memorandum of Understanding” reportedly lasts five years, with the option to extend it for another year – until May 2022 – if neither side opposes

The report also raises concerns that Apple could face difficulties in dealing with the Chinese government after Cook resigned as chief executive. You can read the full report at Information for more.

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Naveen Kumar

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