Jakarta. Investment Minister and Head of the Investment Coordinating Board (BKPM), Rosan Roeslani, announced that Apple has committed to an initial investment of $1 billion (Rp 15.9 trillion) in the country.

Rosan made the statement during a meeting with Commission XII of the Indonesian House of Representatives at the parliament building in Senayan, Jakarta, on Tuesday.

"I have received a written commitment for the first phase of $1 billion. Hopefully, within this week, I will finalize the commitment and hand it over to the Industry Ministry," Roeslani said.

This investment commitment represents a significant increase from Apple's previous proposal of $100 million, which included expanding the Apple Developer Academy in Bali and building accessory manufacturing facilities in Bandung, West Java. The new $1 billion commitment comes after the Indonesian government banned the sales of the iPhone 16, citing Apple’s failure to meet the country’s 35 percent local component requirement, known as TKDN. The iPhone 16, which was globally launched in September, has yet to enter the Indonesian market due to these regulatory issues.

Rosan urged Apple to ramp up its investment in Indonesia, especially considering the large market it represents for Apple’s products. "Frankly, their investment is still small, very small. It needs to be much larger," he said.

Currently, Apple’s investment in Indonesia is valued at Rp 1.48 trillion, which is modest in comparison to its sales volume in the country. Industry Minister Agus Gumiwang Kartasasmita revealed that Apple's sales in Indonesia last year exceeded Rp 30 trillion.

Rosan is hoping that Apple’s increased investment will create more jobs and position Indonesia as a key player in Apple’s global value chain.

As of December 3, 2024, Apple holds a market cap of $3.6 trillion, making it the largest company in the world by market cap, followed by Nvidia Corp. at $3.4 trillion and Microsoft Corp. at $3.2 trillion.