Indonesia, Southeast Asia's largest economy, secured US$10 billion worth of business contracts with China on Friday after a meeting between Chinese Premier Wen Jiabao and Indonesian President Susilo Bambang Yudhoyono in Jakarta.

The offers include a US$1 billion preferential buyer's credit, which is the largest Beijing has ever given to a foreign country, as well as US$8 billion worth of financing contracts for investors in Indonesia's infrastructure projects and major industries.

The contracts will be signed by the business delegation representing 150 Chinese companies on Saturday.

Wen’s visit is the first official visit of a Chinese premier to Indonesia in a decade. He arrived in Jakarta late Thursday after a two-day visit to Malaysia.

The trade volume between China and Indonesia reached US$42.7 billion in 2010, up by 50.6 percent from 2009.

During the meeting, the two sides agreed to establish regular meeting mechanism between the leaders of the two countries and a strategic dialogue on the vice-prime minister level.

In the field of maritime cooperation, the two countries decided to set up a committee on the issue. China will provide 1 billion yuan to start a fund for the program for tangible cooperation ranging from maritime security and research to resources exploitation and disaster prevention.

China has no territorial disputes with Indonesia in the South China Sea but the two sides still have maritime rights and interests to be settled.

Yudhoyono invited Chinese companies to join Indonesia's massive economic plan in the coming 15 years.

He told reporters the two countries also reached agreement on defense cooperation, without elaborating details.

Besides, he said Wen discussed with him on how China can cooperate with the Association of Southeast Asian Nations to stabilize prices of grains and oil to ensure food and energy security in the region.

Wen will wrap up his two-day Indonesia visit and fly back to Beijing on Saturday.