Indonesian and US firms entered into agreements worth over $7 billion, a day before Indonesian President Prabowo Subianto’s meeting with US President Donald Trump to finalize a trade deal, according to the US-ASEAN Business Council.
The agreements, signed at a dinner for Prabowo hosted by the US. Chamber of Commerce, include purchases by Indonesian firms of 1 million metric tons of U.S. soybeans, 1.6 million tons of corn, and 93,000 tons of cotton over unspecified periods, according to a U.S.-ASEAN Business Council fact sheet.
It added that Indonesia will buy one million tons of wheat this year and up to 5 million tons by 2030.
The deals include a memorandum of understanding between US mining group Freeport-McMoRan and the Indonesian Ministry of Investment for critical minerals cooperation and an agreement between state oil producer Pertamina and Halliburton Co to cooperate on oilfield recovery, USABC said.
Freeport and the investment ministry signed an initial deal to extend its mining permit beyond 2041, Freeport-McMoRan Chairman Richard Adkerson said at the dinner.
"It is a life of resource extension, and we cannot wait to undertake delineation drilling of what that ore body will be for many decades to come in the future," he said.
The deals also include two semiconductor joint venture agreements, including one valued at $4.89 billion between Essence Global Group and an Indonesian partner and another unvalued venture involving Tynergy Technology Group.
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USABC valued Indonesia's purchases of soybeans at $685 million, wheat at $1.25 billion, cotton at $122 million and an additional purchase of U.S. shredded worn clothing for recycling at $200 million.
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In the decade from 2015 to 2024, Indonesia averaged annual imports of 2.3 million metric tons of U.S. soybeans, nearly 800,000 tons of wheat, about 180,000 tons of cotton, and less than 100,000 tons of corn, according to U.S. Census Bureau trade data.
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The Southeast Asian country has imported around $3 billion worth of U.S. agricultural products annually in recent years, making it the 11th largest market for all U.S. farm goods.