Foxconn halts Indonesian investment plans

The story of Foxconn's Indonesian venture has gone back and forth for a while now, but last year it seemed as if it all was moving forward. The company said last year that it could invest as much as USD 1 billion in the country, reports Reuters. However, the manufacturing giant has decided not to go ahead due to land issues, Reuters writes citing Indonesian Kontan daily. The company told Reuters last year that it was panning to invest in hardware such as phones, tablets and televisions, as well as telecommunication services in Indonesia. And had the company gone forward with this venture, it would likely be one of the companies affected by a new law – due to become active in 2017 – requiring companies that sell smartphones and tablets in the country to produce 40 percent of their content locally.