Indonesia Says Apple's $100 Million Investment Proposal Inadequate

APPLE - JAKARTA. Indonesia said a $100 million investment proposal from Apple to build an accessory and component plant was not enough for the country to allow the tech giant to sell its latest iPhone model, its industry ministry said on Monday.

Indonesia in November banned sales of Apple's iPhone 16 after it failed to meet requirements that smartphones sold domestically should comprise at least 40% locally-made parts.