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

Indonesia said that it has received an improved investment offer worth $1 billion from Apple Inc., in the tech giant’s latest bid to lift a ban on the sale of iPhone 16 devices in Southeast Asia’s largest economy.

While Apple still doesn’t have local plants to meet the 40 percent local content requirement, it does have application developer academies in Indonesia. That was why older iPhone models could be sold in the country. They remain on sale as of now, and there’s been no indication that Indonesia is looking to ban them currently.

A minister in Indonesia says the local government expects Apple to shortly offer $1 billion in investment, in order to end the country's ban on iPhone 16 sales.

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

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,