Tim Cook announces Apple’s new $1 billion advanced manufacturing fund to promote US job creation

During his interview on CNBC’s Mad Money this evening, Apple CEO Tim Cook announced a new $1 billion fund to invest in United States manufacturing jobs. Cook announced the advanced manufacturing fund during the show, but teased that we will hear more about it later this month…

During Mad Money, Cook explained that Apple is starting a $1 billion fund to promote advanced manufacturing jobs in the United States. Apple has apparently already chosen the company in which it will invest, but won’t announce that until a later date this month.

Cook explained that by investing $1 billion in advanced American manufacturing, Apple can cause a “ripple in the pond” and promote job creation. Advanced manufacturing jobs are in high demand in the United States and it’s an area where Apple has an intense focus. Apple hopes that its $1 billion base investment will expedite job creation and growth:

“By doing that, we can be the ripple in the pond. Because if we can create many manufacturing jobs around, those manufacturing jobs create more jobs around them because you have a service industry that builds up around them,” Cook said.

Cook also talked more about Apple’s efforts in the United States economy all around. He explained that he believes a company should have values because a company is a collection of people. Therefore, a company should give back, create jobs, and more. For instance, Cook said that Apple has created over 2 million jobs in the United States alone, while it spent $50 billion in the American economy last year.

“A lot of people ask me, ‘Do you think it’s a company’s job to create jobs?’ and my response is [that] a company should have values because a company is a collection of people. And people should have values, so by extension, a company should. And one of the things you do is give back,” Cook said.

“So how do you give back? We give back through our work in the environment, in running the company on renewable energy. We give back in job creation.”

Apple has been under fire to move its manufacturing to the United States and this $1 billion investment seems to be the company’s way of acknowledging those calls.