Indonesia is close to reaching an investment agreement with Apple Inc. (AAPL.US) to lift the ban on iPhone sales.

A government minister of Indonesia stated that Indonesia is set to reach an agreement with Apple Inc. (AAPL.US) on an investment plan that will lift the sales ban of iPhone 16 in the country. Last October, this largest country in Southeast Asia banned the sale of this new device, citing Apple Inc.'s failure to meet domestic manufacturing requirements for smartphones and tablets. The company has been in discussions with the government on an investment plan to lift the restrictions. Investment Minister Rosan Roeslani said in an interview on Tuesday, "I am confident that the issue will be resolved soon. I hope the issue can be resolved within one or two weeks." According to reports in January, Apple Inc. recently proposed a $1 billion investment to one of its suppliers to establish a factory in Indonesia to produce AirTags, but was rejected by Industrial Minister Agus Gumiwang Kartasasmita. He told Apple Inc.'s Vice President of Global Affairs, Nick Amman, and a delegation from Apple Inc. that the American company needs to comply with a local regulation requiring some iPhones or iPhone components to be produced in Indonesia. Roeslani said, "I think they just see things differently." He was referring to the local manufacturing quantity requirement. "Now they have found a solution, so I hope they can accept these differences, so we can sell iPhone 16 in Indonesia."