Apple welcomes India’s easing of foreign investment rules

A salesperson speaks on the phone at an Apple reseller store in Mumbai, India July 27, 2018. (File/Reuters)
Updated 29 August 2019

Apple welcomes India’s easing of foreign investment rules

  • Apple said it is eager to open its first retail store in India
  • The company couldn’t previously open a store in India because it wasn’t prepared to meet the 30% requirement

NEW DELHI: Apple Inc. has welcomed India’s decision to relax rules on foreign direct investment and says it is eager to open its first retail store in the country.
The California-based company said in a statement Thursday that it appreciates Indian Prime Minister Narendra Modi’s support for the new rules, which ease a 30% local sourcing requirement for single-brand retailing and permit online sales without the prior opening of brick-and-mortar stores.

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READ MORE: Apple likely to unveil latest iPhone on Sept. 10 at event in California

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Apple couldn’t open a store in India because it wasn’t prepared to meet the 30% requirement.
It said it will take some time, but it looks forward to welcoming customers to India’s first Apple Store. Apple products are presently sold in India through franchise stores with tough competition from South Korean and Chinese smartphone makers.


Dubai’s Jafza, Israeli business group sign strategic partnership

Updated 26 September 2020

Dubai’s Jafza, Israeli business group sign strategic partnership

DUBAI: Dubai’s Jebel Ali Free Zone has signed a strategic partnership with an Israeli business group to support businesses and encourage economic cooperation following the normalization of ties between the UAE and Israel.

Sultan Ahmed bin Sulayem, the group chairman and chief executive of DP World, and Uriel Lynn, president of the Federation of Israeli Chambers of Commerce, signed the agreement virtually.

As part of the agreement, the two parties will share crucial information on new developments regarding economic relations between the countries aside from efforts to expand ties between businesses.

“The establishment of direct ties between two dynamic and advanced economies in the Middle East will undoubtedly provide impetus to economic growth, transforming the business landscape in the UAE,” bin Sulayem said in a statement.

It will be a mutually advantageous for Dubai and the Israeli business community, as more businesses will utilize the developed facilities and services in Jafza and create a bridgehead for the Israeli business sector to enhance its foreign trade in products and services,” Lynn meanwhile commented.

“Our main goal is to create a forum to promote economic cooperation and create new opportunities for businesses in both countries. Strengthening business ties and enhancing collaboration over time is also one of the primary objectives.”