Indonesia expects $1 billion investment commitment from Apple in a week

Indonesia is expecting to get a $1 billion investment commitment from tech firm Apple Inc (AAPL) in a week, its investment minister said on Tuesday, after the government banned iPhone 16 sales for failing to meet local content rules.

Indonesia stopped sales of the smartphone because it requires those sold domestically to comprise at least 40% locally-made parts, which it said Apple had not adhered to. Indonesia plans to increase this requirement, a deputy minister said on Tuesday.

Investment Minister Rosan Roeslani told lawmakers in a hearing that Indonesia expects more investment if Apple decides to make the country part of its supply chain.

Apple did not immediately respond to a request for comment.