While it did not announce a new manufacturing facility with thousands of manufacturing jobs, Apple, the world's most valuable public company, said it planned to dedicate resources to American job creation with a $1 billion fund to invest in advanced manufacturing in the United States. Cook wants the new fund to create a "ripple effect" in the job market-he says that the manufacturing jobs created directly by the fund will also create service jobs needed to support them.
As well, Cook said that the first company which they would invest some of this money into had already been chosen, though the company itself has not been named.
Apple meant to invest in programmes that could train workers how to code, Cook added.
Apple is one of several companies which have in recent months announced major high-tech job creation initiatives in the US. But that much of the money for this effort will be borrowed rather than drawn from its substantial cash reserves. Advanced manufacturing differs from typical manufacturing in that it often requires specialized skills to produce highly engineered components that go into Apple's products.
The Apple's agenda of reinstating the manufacturing jobs fits well with the long term plans of the President Donald Trump who intends to create more jobs for the Americans.
Further, Apple has employed workers across 50 states, including 80,000 company workers in areas like research and development, customer support, financial services and Apple's 271 U.S. stores. Ninety-three percent of Apple's $256.8 billion cash is held overseas.
Amazon announced that it would create 100,000 jobs in the United States over the next two years, while Intel pledged to invest $7bn in a chipmaking plant in Arizona.
"The mentality is, 'Can we increase our output first by becoming more efficient by using better technology as the first resort?' " Augustine Tantillo, president of the National Council of Textile Organization, told the Los Angeles Times.