The agreement was reached when Indonesian President Joko Widodo held bilateral talks with Saudi Crown Prince Muhammad bin Salman at the Crown Prince Palace in Riyadh on Sunday night.
Crown Prince Muhammad bin Salman also hosted a banquet in honor of the Indonesian leader.
According to Indonesian Foreign Minister Retno Marsudi who accompanied the President during the bilateral talks, Indonesia and Saudi Arabia have agreed to set up a leader-level consultation mechanism and hold an annual meeting between the two countries.
"Indonesia and Saudi Arabia have agreed to hold a meeting soon to discuss investment and other economic cooperation," the presidential secretariat's deputy for protocol. press and media, Bey Machmudin quoted Retno as saying on Monday.
At the meeting, the Crown Prince reiterated Saudi interest in cooperating with Indonesia in the energy and petrochemical fields.
Meanwhile, President Joko Widodo stated that Indonesia wants to be part of the realization of the Saudi Arabia Vision 2030.
During the meeting, President Joko Widodo was accompanied by Foreign Minister Retno Marsudi, Chief of the Presidential Staff Moeldoko and Indonesian Ambassador to Saudi Arabia Agus Maftuh Abegebriel.