Indonesia considers Apple’s $10 mln investment proposal
Indonesian Deputy Minister of Industry Faisol Riza said at a Wednesday press meet that he has heard about Apple's plan to invest $10 million in Indonesia and hoped that this commitment will be fulfilled.
However, the plan is still subject to further discussion, he added.
At an Apple store. Photo courtesy of Kyodo.
Tech giant Apple is reportedly proposing a $10 million investment to establish a facility in Indonesia dedicated to producing more products in Indonesia as part of a move to lift a ban on the sale of its latest iPhone in the Southeast Asian country.
“We hope that this commitment will be fulfilled promptly,” Riza said on Wednesday, adding that a final announcement on the matter is expected shortly.
According to the South China Morning Post, the investment will be channelled to a plant in Bandung through Apple's strategic partners in Indonesia. It will produce accessories and components for Apple gadgets.
Apple submitted this proposal to Indonesia’s Ministry of Industry after the government blocked the sales of the iPhone 16 on the ground that the US tech giant’s local unit has not met a 40% domestic content requirement for smartphones and tablets.
In a related development, chip-making giant Nvidia surpassed Apple on Tuesday to become the highest valued company in the world as the artificial intelligence (AI) boom continues to excite Wall Street.
Accordingly, Nvidia’s shares climbed 2.9% to $139.93, boosting its market capitalization to $3.43 trillion, surpassing Apple's $3.38 trillion.
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