Indonesia is on the verge of reaching an investment agreement with Apple (AAPL.US) to revoke the ban on iPhone sales.

An Indonesian government minister said the country is close to an agreement with Apple (AAPL.US) on an investment plan that would lift a ban on the sale of iPhone 16 in the country. Indonesia, the largest economy in Southeast Asia, banned the sale of the new device last October, saying Apple failed to meet local manufacturing requirements for smartphones and tablets. The company has been in talks with the government over an investment plan that would lift the restrictions. "I'm confident that the issue will be resolved soon," Rosan Roeslani, the investment minister, said in an interview on Tuesday. "Hopefully, it will be resolved within one or two weeks." Apple recently offered to pay $1 billion to one of its suppliers to build a factory in Indonesia to produce AirTags, according to a January report. The offer was rejected by Agus Gumiwang Kartasasmita, the industry minister, who told Apple's vice president of global affairs, Nick Amman, and an Apple delegation that the U.S. company needed to comply with a local regulation that requires it to produce some of its iPhones or iPhone components in Indonesia. "I think they calculate differently," Roeslani said, referring to the local manufacturing requirement. "Now they have found a solution, so hopefully they can accept these differences so we can sell iPhone 16 in Indonesia."