The Indonesian-Hellenic Business Forum (IHBF) Launched in Athens

​Athens, Greece – H.E. Mr. Bebeb A.K. Nugraha Djundjunan, Ambassador of the Republic of Indonesia, formally launched the Indonesian-Hellenic Business Forum (IHBF) in a hybrid format on 21/3. The IHBF was founded by the Indonesian Embassy in Athens to provide a platform for the Indonesian and Greek business communities to build a network of communication, share experiences and lessons learned, and initiate beneficial cooperation for the strengthening of bilateral trade relations, investment, tourism, and other business and economic affairs. Furthermore, in the future, the IHBF will function freely and/or enhance the activities of Indonesian and Greek chambers of business and industry.

In his remarks, Ambassador Djundjunan elaborated on areas of business opportunities to strengthen economic cooperation between Indonesia and Greece, taking into account the two countries' geostrategic location and similarities as maritime countries, as well as the growing bilateral trade in the last five years. For example, bilateral trade between Indonesia and Greece reached USD 421.5 million in 2022, up 33.72% from USD 315.2 million in 2019. (pre-C0V1D).

With a population of over 270 million people, Indonesia is a prospective market for Greek top commodities, while Greece acts as a possible gateway for Indonesian products to access markets in the Balkan, East Mediterranean, and Southern Europe regions. Ambassador Djundjunan also stressed the Greek market's expanding potential for Indonesian goods such as palm oil, tissue and paper, motorcycle spare parts, and coal.

H.E. Mr. Ayodhia G.L. Kalake, Secretary of the Coordinating Ministry of Marine and Investment Affairs of Indonesia, for his part, forecasted Indonesian economic growth of up to 5.31% in 2022, as well as FDI values of up to 47% over the same year. Furthermore, Secretary Kalake invited Greek business communities to invest in Indonesia through a Public-Private-Partnership scheme with numerous incentives, including tax holidays, tax allowance, VAT exemption, import duty release, and Strategic Integrated Port Network projects, Indonesian Sea Tolls projects, and Special Economic Zones (SEZ).

Mr. Darwin Cyril Noerhadi, representing the Indonesia Investment Authority (INA), charted priority investment sectors ranging from infrastructure and logistics (toll roads, seaports, airports, cold storage, warehouses), green energy & transformation (waste management, geothermal, energy transition, green fund), digitalization, health service, property and tourism, financial services, agriculture, mining, construction, and electronics.

Both speakers emphasized Indonesia's future significance as a regional economic powerhouse and favorable investment, economic, and commercial center.

The event was well received by 70 Greek and Indonesian attendees representing over 50 enterprises. Mr. Zisis Poulios of Violar S.A. also had the chance to share his knowledge and best practices for creating commercial collaboration in the cotton and textile fields with his partners in Jakarta, Bandung, and Solo, whom he recognized as professional and trustworthy partners.

The participants agreed that the IHBF should be held on a regular basis to promote bilateral trade, economic, and investment collaboration between Indonesia and Greece. The mentioned forum is open to the Greek and Indonesian business community, with Ms. Marina Koroli of Marina-Evgenia Koroli Law Firm serving as the IHBF's liaison officer. ​

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