This cooperation was established during British Prime Minister David Cameron's visit.
According to a written statement received here on Tuesday, the plan was announced during a workshop on the application of space technology in the maritime sector.
The workshop was opened by Coordinating Minister for Maritime Affairs Indroyono Susilo.
It was also attended by British Energy and Climate Change Minister Amber Rudd, Head of the National Institute of Aeronautics and Space (Lapan) Thomas Djamaluddin, and Head of Research and Development of the Maritime Affairs and Fisheries Ministry Achmad Poernomo.
"Soon after the agreement is signed, it (the microsatellite) will be established in Indonesia. The results of the workshop will be followed-up at the UK Maritime Forum," the minister remarked.
Susilo pointed out that the agreement between the two countries concerned cooperation on climate change and sustainable development post-2015, which requires the use of space technology.
Moreover, Head of Research and Development of the Maritime Affairs and Fisheries Ministry Achmad Poernomo noted that the technology of remote sensing satellites will be applied in the fisheries sector.
The workshop held on Tuesday was attended by a number of experts and industrialists from the United Kingdom, as well. These included speakers from the UK, the UK Space Agency, Airbus, Inmarsat, SSTL and SatApp Chatapult, among others.
On the first day of Cameron's visit to Indonesia, the governments of both countries had reached four agreements.
The four memoranda of understanding signed were on maritime affairs, prevention of terrorism and transnational crimes, research and innovation, and aviation and national space.
After the meeting, President Joko "Jokowi" Widodo revealed that he had discussed bilateral economic cooperation with Cameron.
In addition, the Cameron described his talks with Jokowi as productive, stating that the cooperation agreements signed between the two countries would benefit both sides.
He also affirmed that his government supported the Southeast Asian economic cooperation under the ASEAN.