Companies in Indonesia and the US have entered into trade agreements valued at $38.4bn, according to the Indonesian government.
The deals were finalised ahead of a scheduled meeting between Indonesian President Prabowo Subianto and US President Donald Trump to sign a comprehensive trade agreement.
The signing took place during a dinner hosted by the US Chamber of Commerce in Washington, DC.
Reuters quoted Prabowo as saying: "We hope to find partners who are ready to join us in our ongoing efforts to modernise and industrialise.”
The 11 contracts cover sectors including mining, energy, agribusiness, textiles, furniture, and technology.
Among the agreements is a memorandum of understanding (MoU) between US mining company Freeport-McMoRan and Indonesia’s Ministry of Investment for cooperation on critical minerals, as well as an arrangement between Pertamina, Indonesia's state-owned oil and natural gas firm, and Halliburton, a US multinational oil services firm, to collaborate on oilfield recovery projects.
Freeport-McMoRan’s chairman Richard Adkerson confirmed an initial agreement had also been reached to extend its mining permit beyond 2041.
Two joint ventures in semiconductors were included: one valued at $4.89bn involving Essence Global Group and an Indonesian partner, and another between Tynergy Technology Group and an undisclosed Indonesian firm.
Other contracts involve agricultural imports such as soybeans, corn, wheat, and cotton.
The US-ASEAN Business Council stated that Indonesia will purchase one million metric tonnes of wheat in 2026, with up to five million tonnes expected by 2030.
Figures from the council indicate that recent purchases comprise $685m in soybeans, $1.25bn in wheat, $122m in cotton, and $200m in shredded worn clothing for recycling from the US.
Trade data shows Indonesia imported an annual average of 2.3 million metric tonnes of US soybeans from 2015 to 2024, along with nearly 800,000 tonnes (t) of wheat, about 180,000t of cotton and under 100,000t of corn per year.
An agreement described as involving a “transnational free trade zone” was signed by Indonesian industrial park developer Galang Bumi Industri and Solanna Group; no further details were provided.
President Prabowo arrived in Washington this week aiming for changes to tariffs affecting trade with the US.
