02:42 PM EST, 11/05/2024 (MT Newswires) -- Apple ( AAPL ) has offered to invest nearly $10 million in Indonesia to bypass a ban on the sales of its latest iPhones, Bloomberg reported Tuesday, citing people familiar with the matter.

According to the report, the company has proposed to Indonesia's Ministry of Industry to invest in a factory southeast of the capital Jakarta focused on making accessories and components for Apple ( AAPL ) gadgets.

The ministry is reportedly weighing the proposal and may make a decision soon, the report added.

Indonesia banned the sale of iPhone 16 last month on grounds its local unit had not met a rule that requires smartphones and tablets sold domestically to contain at least 40% locally manufactured parts.

Apple ( AAPL ) did not 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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