Nikada/iStock Unreleased via Getty Images
Indonesia has reportedly received an increased investment offer of $1 billion from Apple (NASDAQ:AAPL), as the tech giant looks to reverse the ban on iPhone 16 sales in the country.
The country and the tech company have said to have settled upon the number as a “first phase” of outlay, Investment Minister Rosan Roeslani told lawmakers, according to a Bloomberg report.
Roeslani added that he expects to receive a written commitment letter from the firm in a week, the report added.
If Apple (AAPL) confirms the investment, this would make it a tenfold increase as compared to the last offer.
The minister also reaffirmed an earlier government demand that Apple should offer Indonesia a better deal than Vietnam, the Bloomberg report said.
The iPhone-marker had previously proposed to invest around $100M over two years in Indonesia. Prior to that, the firm had offered to invest around $10M in Indonesia, which included investment in a factory in Bandung that makes accessories and components.
Last month, the Indonesian Industry Minister Agus Gumiwang Kartasasmita had said that amount (($100M)) was inadequate compared to what Apple has invested in other countries.
In October, Indonesia had restricted Apple (AAPL) from selling its new iPhone 16 series in the country, noting that the company has yet to meet local investment requirements.
Indonesia’s assertive efforts to boost domestic manufacturing has worked in the past. ByteDance’s (BDNCE) TikTok invested $1.5B in a joint venture with local marketplace Tokopedia, a move that helped it resume services after a ban on social media e-commerce.