Team Cook Heads to Singapore Following Vietnam and Indonesia... Expanding Southeast Asia Strategy

Meeting Scheduled with Singapore Prime Minister
Decoupling from China... Seeking New Markets and Production Bases

Apple CEO Tim Cook is focusing on the Southeast Asian market by visiting Singapore following his trips to Vietnam and Indonesia.

On the 18th, Bloomberg News reported, citing sources, that CEO Cook is scheduled to meet with Singapore Prime Minister Lee Hsien Loong and Deputy Prime Minister Lawrence Wong, who is set to assume the prime minister position next month.

Apple CEO Tim Cook (center) [Image source=Reuters Yonhap News]

CEO Cook is expected to stay in Singapore until the 19th, but specific details of his schedule have not been disclosed. Singapore is the final stop on Cook’s Southeast Asia visit.

Apple announced the day before that it will invest $250 million (approximately 343.3 billion KRW) to expand its facilities in the Ang Mo Kio area of Singapore.

An Apple representative stated that CEO Cook’s itinerary was mostly filled with promotional activities aimed at generating interest in Apple, including meetings with national leaders and interactions with local customers in Vietnam and Indonesia.

Apple has recently been paying close attention to the Southeast Asian market. With the intensification of U.S.-China tensions and the rise of patriotic consumption in China leading to a decline in iPhone popularity, Apple is seeking new markets. Additionally, the COVID-19 pandemic caused serious disruptions in new product production due to the closure of Foxconn factories in China, making supply chain diversification urgent.

The Southeast Asian smartphone market is dominated by Android smartphones from Samsung Electronics and Chinese brands such as Xiaomi, Oppo, and Vivo, indicating high growth potential. According to Counterpoint Research, Apple’s market share was only 6% as of the third quarter of last year, but shipments increased by 19% year-over-year, showing rapid growth. This is why CEO Cook is personally leading the market expansion efforts.

Previously, CEO Cook met with Prime Minister Pham Minh Chinh in Vietnam and President Joko Widodo in Indonesia to discuss expanding investments. Cook announced plans to strengthen Apple’s supply chain in Vietnam and consider establishing an Apple factory in Indonesia.