10:15 AM EST, 11/25/2024 (MT Newswires) -- Apple's ( AAPL ) $100 million investment proposal to build an accessory and component plant in Indonesia has been rejected as insufficient to allow iPhone 16 sales, Reuters reported Monday, citing Indonesia's industry ministry.

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

Indonesia's Industry Minister Agus Gumiwang Kartasasmita said Apple's ( AAPL ) offer did not meet "principles of fairness," comparing it to the iPhone maker's larger investments in Vietnam and Thailand, according to Reuters.

Apple ( AAPL ) and the ministry did not immediately respond to MT Newswires' requests for comment.

Shares of Apple ( AAPL ) were up 1% in early trading.

(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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