Editorial StaffApple CEO Tim Cook reportedly “personally lobbied officials” for concessions that would allow the company to do business in China.
Apple CEO Tim Cook reportedly “personally lobbied officials” for concessions that would allow the company to do business in China.
Apple (AAPL) – CEO Tim Cook signed a deal worth more than $275 billion with the Chinese government in 2016 during a string of visits to the country, investigative tech publication The Information reports.
In an effort to improve Apple’s reception in China, Cook reportedly “personally lobbied officials” for concessions that would allow Apple to do business in the country in exchange for over $275 billion invested into its economy over a period of five years.
Citing a number of internal documents and interviews, The Information found that Cook’s move came after China banned iTunes in the country and was threatening to do the same with features like Apple Pay, iCloud and the App Store.
The agreement was cemented in a 1,250-word “memorandum of understanding” between Apple and Chinese government branch National Development and Reform Commission.
Parts of the agreement included putting $1 billion toward Didi Chiuxing, a Chinese ride-sharing startup similar to Uber (UBER) and expanding employee training in China.
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