Tim Cook, CEO of Apple Inc., center, arrives at the Apple Developer Academy at Binus University in Tangerang, Banten, Indonesia, Wednesday, April 17, 2024.
Bloomberg | Bloomberg | Getty Images
Apples Tim Cook is in Singapore for the final leg of his whirlwind tour of Southeast Asia as the CEO looks to the region for expansion and sales growth amid challenges in China.
Cook confirmed his arrival in Singapore on his official X account (formerly known as Twitter) on Thursday, posting a video of himself with a local photographer at the city’s popular Gardens by the Bay tourist attraction.
According to anonymous sources cited in a Bloomberg report, Cook’s visit will last until Friday and will include a meeting with the city-state’s next Prime Minister, Lawrence Wong, as well as outgoing President Lee Hsien Loong. Lee will officially leave office on May 15 after 20 years as head of government. Wong will become Singapore’s fourth Prime Minister.
Cook’s arrival in the city follows Apple’s announcement that it plans to invest more than $250 million in its Singapore operations. While the tech giant already employs 3,600 people in the country, Apple said the expansion would pave the way for new roles, including in the field of artificial intelligence.
The country serves as a regional hub for the Cupertino, California-based tech giant, with critical roles in software, hardware, services and support, the company said.
The meeting with the prime minister is expected to conclude Cook’s tour of Southeast Asia, during which the CEO stopped in Vietnam to meet with Apple developers and users, as well as in Indonesia, where he met with President Joko Widodo.
Bloomberg reported that Cook’s schedule was filled with public activities aimed at generating interest in the brand, which could pave the way for a more aggressive regional sales campaign.
Apple did not immediately respond to a request for comment from CNBC on Cook’s itinerary.
This year, the company launched an online Apple Store in Vietnam and is reportedly recruiting for its first mall in Malaysia.
Increased activity in Southeast Asia could help offset the company’s recent headwinds. Figures released Monday by the International Data Corporation show that global iPhone shipments fell 10% from last year in the first quarter, amid increased competition in China.
Smartphone sales in China, Apple’s largest overseas market, have also seen a lull compared to Southeast Asia, where sales were booming at the start of the year.
The region’s telephony market is expected to grow 7% year-on-year in 2024, much faster than the 3% rate recorded in the rest of the world, according to Canalys data.
Cook also used his latest travels to highlight Southeast Asia as an important manufacturing hub.
The company has worked to diversify its supply chain beyond its base in China since 2022, when it experienced pandemic-related supply disruptions.
Vietnam has already become a key manufacturing location as part of diversification efforts. Meanwhile, Cook said Wednesday the company would “look into” manufacturing in Indonesia.
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