Apple To Invest $430B In The US Economy

Tech Giant, Apple on Monday announced its plans to boost its investment prospects in the United States to $430 billion over the next five years, saying this would add some 20,000 jobs to the US Economy.

According to the company’s sources, the updated plan includes more than $1 billion for a new campus and engineering hub in the Research Triangle area of North Carolina.

Apple also plans to invest ‘tens of billions of dollars for next-generation silicon development and 5G innovation across nine US states,’ a statement said.

The California-based tech giant said it was increasing its 2018 goal of $350 billion in US investments after Congress passed a measure lowering taxes on repatriated profits for American firms.

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Apple chief executive Tim Cook while speaking yesterday said; ‘At this moment of recovery and rebuilding, Apple is doubling down on our commitment to US innovation and manufacturing with a generational investment reaching communities across all 50 states

‘We’re creating jobs in cutting-edge fields — from 5G to silicon engineering to artificial intelligence — investing in the next generation of innovative new businesses, and in all our work, building toward a greener and more equitable future.’

This is coming on the heels of the news that Apple and other tech giants facing heightened antitrust scrutiny for their growing dominance of key economic sectors, which has increased during the pandemic.

Big Tech firms are also being targeted for tax reform both in the United States and globally.

Apple said it is ‘the largest taxpayer in the US‘ and has paid almost $45 billion in domestic corporate income taxes over the past five years.