08:34 AM EST, 12/03/2024 (MT Newswires) -- Indonesia anticipates a $1 billion investment commitment from Apple ( AAPL ) within a week, Reuters reported Tuesday, citing Investment Minister Rosan Roeslani.

Roeslani told lawmakers in a hearing that the investment is part of an initial phase and could expand if Apple ( AAPL ) integrates Indonesia into its supply chain, according to the report.

The Indonesian government previously rejected Apple's ( AAPL ) $100 million proposal to build an accessory and component plant, deeming it insufficient to permit iPhone 16 sales, Reuters reported last week.

The country reportedly requires smartphones sold domestically to have at least 40% locally-made components. Indonesia plans to raise the threshold, Reuters said, citing a deputy minister.

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

(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.)