Apple's $1 Billion Offer Falls Short:
Muslim Farooque
2
In This Article:
AAPL
-0.32%
According to Bloomberg News Wednesday, Indonesia's ban on the sale of Apple's (NASDAQ:AAPL) iPhone 16 models is still in effect as the government decided the company's proposed $1 billion investment plan, including an AirTag facility, WAS inadequate to meet local investment criteria.
Agus Gumiwang Kartasasmita, the minister of industry, said that local content requirements in Indonesia mandate that some of the cell phones or their components be manufactured locally. He pointed out that the attachment, AirTag, falls short of these standards. Kartasasmita advised Apple to keep negotiating as "as of this afternoon, the government does not have a basis for issuing the local content certificates".
First implemented in October 2024, the ban cited Apple's inability to satisfy local criteria. Originally suggesting a $10 million investment, the corporation eventually raised the offer to $100 million over two years. Apple raised its commitment to $1 billion by December 2024, apparently with President Prabowo Subianto's permission, but conflicts over compliance still exist.
Welcome to Billionaire Club Co LLC, your gateway to a brand-new social media experience! Sign up today and dive into over 10,000 fresh daily articles and videos curated just for your enjoyment. Enjoy the ad free experience, unlimited content interactions, and get that coveted blue check verification—all for just $1 a month!
Account Frozen
Your account is frozen. You can still view content but cannot interact with it.
Please go to your settings to update your account status.
Open Profile Settings