Apple (AAPL) and the Indonesian government have reached an agreement to lift the ban on iPhone 16 models, after the company committed to a $1 billion investment in the country and participation in local research and development activities, Bloomberg News reported Tuesday, citing sources.

The Ministry of Industry is expected to sign an agreement with Apple this week, which would allow the company to resume selling the devices in Indonesia, the media outlet reported.

Apple previously committed to the $1 billion investment, but the ministry still upheld the ban. The company has now sweetened the deal with a pledge to reportedly provide training programs to help Indonesians develop software and design products.

Apple and the Indonesian government did not immediately respond to MT Newswires' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)