10:08 AM EST, 01/07/2025 (MT Newswires) -- Apple ( AAPL ) executives held talks with Indonesia's industry minister to discuss a potential investment required to lift the country's ban on iPhone 16 sales, Reuters reported Tuesday, citing the minster, Agus Gumiwang Kartasasmita.

The minister met Apple's ( AAPL ) vice president of global government affairs, Nick Ammann, and investment negotiations are underway, the report said.

Another Indonesian cabinet minister previously said Apple ( AAPL ) proposed a $1 billion investment to lift the sales ban, but Kartasasmita deemed it "not sufficient," while Ammann called the talks "great discussion" but gave no details, the report said.

Indonesia banned iPhone 16 sales last year for lacking 40% locally made components, Reuters said, and Apple ( AAPL ) currently has no manufacturing facilities in Indonesia.

Apple ( AAPL ) didn't immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.,

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