Indonesian Minister of Investment Rosan Roeslani has said tech giant Apple has expressed an intention to invest $1 billion in the country, 10 times the amount it offered last month, in a bid to overturn a ban on iPhone 16 sales.

Speaking to lawmakers on Tuesday, Roeslani said the government expects to receive the formal investment proposal later this week.

“We have talked, and they are in the early stage of issuing an official statement regarding the $1 billion investment,” Roeslani told a hearing of a House of Representatives committee.

Currently, Apple has been unable to secure a sales permit for the iPhone 16 in Indonesia due to its failure to meet the country’s minimum local content requirement of 35% for devices with cellular connectivity.

It initially offered to invest $10 million on top of meeting previous investment commitments. When this was rejected the company increased its offer to $100 million, saying the money would finance new Apple Academies and a production facility for pads used in AirPods Max headphones. This was also rejected due to a perceived lack of “principles of fairness,” according to the Ministry of Industry.

Roeslani added that Apple had significantly benefited from Indonesia’s large consumer market while prioritizing investments in neighboring countries like Vietnam. “[They] should not only [invest big] in Vietnam, while they have profited from previous iPhone sales in our market,” he said.

Indonesia is home to only one Apple-related supplier, a stark contrast to its regional neighbors. According to Apple’s 2023 supplier list, Malaysia hosts 19 suppliers, Thailand 24 and Vietnam 35.

“We want them to show fairness. They’ve reaped benefits here, now [they should] invest here, create jobs here, and most importantly, relocate part of their global value chain to our country,” Roeslani said.

He added that relocating just one part of a value chain could act as a catalyst for other suppliers. “With one [part of a supply chain] relocating, it will trigger or [create] a ripple effect for other suppliers to relocate to Indonesia,” he said.

The Ministry of Industry has also summoned Apple to initiate new negotiations for its investment to lift the iPhone 16 sales ban.

When asked about the new investment offer, Setia Diarta, the Ministry of Industry official overseeing the electronics industry, said: “There has been no meeting” with Apple since the $100 million offer was rejected.

Earlier on Tuesday, Roeslani and Indonesian President Prabowo Subianto hosted the US-ASEAN Business Council for a lunch attended by 50 American executives, including Elizabeth Hernandez, Apple’s senior director and head of government affairs for Asia-Pacific.

Apple did not immediately respond to a Nikkei Asia request for comment.