Indonesia and US Sign Trade and Investment Deal Worth Over $7 Billion.

US mining giant Freeport-McMoRan signed a memorandum of understanding with Indonesia’s Ministry of Investment to collaborate on key minerals. They preliminarily agreed to extend mining licenses beyond 2041 to conduct long-term exploration and resource expansion.

Indonesia’s state oil producer Pertamina signed a cooperation agreement with US oilfield services company Halliburton to collaborate on restoring and improving oil drilling sites.

The agreement also includes two joint ventures in the semiconductor sector. One is valued at $4.89 billion USD by Essence Global Group, while the other is an undisclosed-value joint venture involving Tynergy Technology Group.

President Prabowo stated these agreements are part of the implementation of trade cooperation that will be signed with President Trump on Thursday. He expressed confidence that the large purchases and investments will help reduce Indonesia’s trade deficit with the US and said, “I look to the future of our relationship with great confidence.”

The Indonesian leader traveled to Washington, D.C. to attend President Trump’s Board of Peace meeting. He hopes to negotiate a reduction in import tariffs from 19% to 18%, as agreed last year, to match the rates the US granted India in early February.

Source: en.thairath