Indonesia Says Apple’s Investment Proposal Amount “Not Enough”

Indonesia has termed a $100 million investment proposal of Apple to build an accessory and component plant, as “not enough”, to allow the tech company to do business of its latest iPhone model in the country, news organisations have reported on Monday.

"We have done an assessment and this (proposal) has not met principles of fairness," news reports said, quoting Indonesian Industry Minister Agus Gumiwang Kartasasmita.

Indonesian law requires a company to use at least 40% parts and accessories manufactured in the factories set up within the nation. In order to meet this legal requirement, tech giant Apple wants to set up an accessories plant in Indonesia.

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