AAPL - Apple may triple investment in India deputy technology minister says

2023-04-20 09:49:24 ET

Apple ( NASDAQ: AAPL ) just opened its first two retail stores in India, but the tech giant could significantly increase its investment in the southeast Asian nation over the coming years, the country's deputy minister of technology said.

"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," Rajeev Chandrasekhar, the deputy minister for information technology, said in an interview with Reuters .

Apple ( AAPL ) reportedly generated nearly $6B in sales in the country in the year through March, but the company is looking to India as a manufacturing hub and an opportunity to sell its products and services.

The tech giant has been producing iPhone units in India since 2017, when it started with the iPhone SE. Since then, it has looked to India for more production, including for iPads and AirPods .

In September, Apple ( AAPL ) confirmed it would produce some iPhone 14 units in India as it continues to diversify its supply chain out of China.

Investment firm J.P. Morgan said last year that Apple ( AAPL ) could shift a quarter of its iPhone production to India by 2025.

Apple's manufacturing partners, including Foxconn, also known as HonHai Precision ( OTCPK:HNHPF ), have expanded in India. Last month, it was reported that the two had lobbied for more liberal labor laws in the Indian state of Karnataka.

Earlier this week, Apple ( AAPL ) CEO Tim Cook met with Indian Prime Minister Narendra Modi while on a trip to the country, celebrating the store openings in Mumbai and New Delhi. Cook added that Apple ( AAPL ) is "committed to growing and investing across the country."

Investment firm Wedbush Securities recently said Apple ( AAPL )'s concerted effort to push into India could be a "strategic poker move" that could boost annual sales in the country to $20B by 2025 .

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