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Indonesian and American companies signed 11 commercial agreements worth $38.4 billion on Wednesday, marking one of the largest sets of bilateral business commitments ahead of a planned trade pact between the two countries.
The agreements were concluded during a dinner hosted by the U.S. Chamber of Commerce for Indonesian President Prabowo Subianto, who was in Washington to meet U.S. President Donald Trump and finalize a reciprocal trade arrangement.
"We hope to find partners who are ready to join us in our ongoing efforts to modernize and industrialize," he said.
The agreements covered sectors including mining, energy, agribusiness, textiles, furniture, and technology, reflecting a broad push to deepen commercial engagement between the two economies.
Among the signed arrangements was a memorandum of understanding between U.S.-based Freeport-McMoRan and Indonesia’s Ministry of Investment focused on cooperation in critical minerals. Freeport also reached an initial agreement to extend its mining permit beyond 2041, allowing continued exploration and development of its resource base.
Indonesia’s state oil company Pertamina also entered an agreement with Halliburton to collaborate on oilfield recovery projects, while semiconductor manufacturing emerged as another focus area. One semiconductor joint venture between Essence Global Group and an Indonesian partner was valued at $4.89 billion, while another partnership involving Tynergy Technology Group did not disclose its financial value.
Agricultural imports formed a significant portion of the economic engagement, with Indonesia committing to large-scale purchases of U.S. farm products.
The agreements included Indonesian purchases of 1 million metric tons of U.S. soybeans, 1.6 million tons of corn, and 93,000 tons of cotton over unspecified timeframes. Indonesia also agreed to buy 1 million tons of wheat this year and up to 5 million tons by 2030.
The U.S.-ASEAN Business Council estimated these agricultural purchases at $685 million for soybeans, $1.25 billion for wheat, and $122 million for cotton. Indonesia also committed to buying $200 million worth of recycled textile materials from the United States.
In recent years, Indonesia has imported around $3 billion in U.S. agricultural goods annually, ranking as the 11th-largest export destination for American farm products. Overall, total U.S. goods trade with Indonesia reached an estimated $38.2 billion in 2024, with exports to Indonesia amounting to $10.2 billion.
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