Apple CEO Tim Cook has just announced that the company is opening 25 more retail stores in China in the next two years, adding to the 15 stores in the country.
Despite security concerns, Apple sees China as a potentially lucrative market. At present, 15 percent of the company's revenues are earned in Greater China, which has an incredibly large consumer electronics industry.
"We're investing like crazy in the market," said Cook. "When I look at China, I see an enormous market where there are more people graduating into the middle class than any nation on Earth in history."
While in China, Cook also toured the Foxconn Technology factory in Zhengzhou where he met workers who are credited for assembling the iPhone.
"Great to meet talented people like Zhang Fan, who helps make iPhone 6 in Zhengzhou. An early highlight of this trip," tweeted Cook.
In 2008, Apple opened its first retail store in Beijing. The Apple Store on Wangfujing Street, a famous shopping district, is the company's third store in the city. The three-story building currently holds the title as the largest store in Asia.
As of August this year, Apple has a total of 435 retail stores worldwide. These are found in 16 different countries. The online store, on the other hand, is available in 43 countries.
The company's goal is to serve "every customer in every city." Other major locations in China include Chongqing, Shenzhen and Shanghai.
Apple has been expanding its presence in the region over the past few years. Along with increasing the number of its retail stores, Apple has also been successful in striking a deal with China Mobile, the country's biggest carrier.
Being a member of the School of Economics and Management's advisory council, Cook was slated to attend meetings with other global business leaders at the Tsinghua University on Oct. 24.
Moreover, the company has held several meetings with the nation's government officials to exchange talks on market growth. Cook met China's Vice Minister Ma Kai on Oct. 22. The two shared views on "strengthening cooperation" and "protection of users' information."
Cook is also said to have a meeting with Chinese firms Alibaba and Baidu in the coming week to discuss future collaborations.
