“Discover Indonesia”: Enterprise Greece, SEV, ACCI and SEVE event for business opportunities in Indonesia

Athens, June 22, 2023- The “mapping” of the prospects and opportunities in the Indonesian market for Greek businesses was presented at the “Discover Indonesia” event, which took place on Tuesday, June 20th, at the Hellenic Federation of Enterprises (SEV).

The event aimed at strengthening economic relations with Indonesia as well as informing Greek exporting companies about their potential to operate in this country. The event was organised by Enterprise Greece, the Hellenic Federation of Enterprises (SEV), the Athens Chamber of Commerce and Industry (ACCI), and the Greek Exporters’ Association (SEVE), with the support of Eurobank.

Indonesia is the largest country in the Association of Southeast Asian Nations (ASEAN) and has significant natural resources, while it is a market of 270 million people, with significant purchasing power. It is estimated that by 2050 it will be one of the 5 strongest economies in the world.

Greek exports to Indonesia include cotton, tobacco, paper goods, fruit, marble, while significant opportunities are created in areas such as digital technology, energy and tourism. The exports of Greece to Indonesia in 2022 amounted to EUR 67.3 million, while Greece’s imports from Indonesia reached EUR 354 million.

The event was attended by representatives from over 60 companies and institutions.

Ms Vicky Makrigianni, Director of International Relations and Regional Policy at SEV, said in her welcoming speech: "Indonesia, the largest economy in Southeast Asia, is seen as a future economic giant. It is the fourth most populous country in the world, today, with steady growth. The fact that our bilateral trade is not very high and our exports to Indonesia are particularly low compared to our imports shows that there is considerable scope for growth in various sectors, such as food and beverages, energy, maritime, infrastructure and the defence industry.

Then, Mr Marinos Giannopoulos, CEO of Enterprise Greece, took the floor and said: "The event Discover Indonesia gives us the opportunity to redefine and strengthen our trade ties with Indonesia, the largest economy in Southeast Asia and one of the 20 largest economies in the world. In our bilateral relations there are many prospects and opportunities for the future, which I am sure will be exploited by both sides. After all, Greece and Indonesia share a desire to further strengthen our trade activities, which was confirmed during the event.

Ms Sofia Kounenaki Efraimoglou, President of the Athens Chamber of Commerce and Industry (ACCI), followed stressing that Indonesia is a destination that worths drawing our attention. The penetration potential has already been identified by several Greek companies. The value of bilateral trade between Greece and Indonesia reached $421 million in 2022 and there is still room for boosting trade and investment flows. Significant opportunities are created in areas such as agricultural products, medicines and cosmetics, building materials, digital technology, green energy and tourism. A fruitful field of cooperation also exists in the field of logistics, maritime transport, shipbuilding and maritime education. Taking advantage of these opportunities clearly requires proper planning. As ACCI, we develop a wider network of actions supporting extroversion, both autonomously and in cooperation with the State and the market. Our goal is to facilitate the networking of our members, but also to meet their needs throughout the export journey: from business information to the preparation of business plans and access to specialised financial tools.

In his welcoming speech, Mr Panagiotis Hassapis, Executive Vice-President of the Greek Exporters’ Association (SEVE), outlined the Indonesian market, stressing that the exploitation of opportunities in new markets, such as that of Indonesia, will lead to the strengthening of exports and consequently the improvement of the country’s economic conditions. Some of the figures mentioned by Mr Hassapis concerned the size of this market (Indonesia has the 4th largest human capital in the world) as well as macroeconomic data, such as that it is one of the fast-growing economies with $1,119 trillion of GDP and imports exceeding EUR 250 billion. He concluded his speech by highlighting the importance of the thematic ‘Discover’ events as they are the beginning of strengthening bilateral relations with the markets in question.

The event was organised in three parts: the first one covered the Bilateral Relations between Greece and Indonesia, during which a presentation was delivered by H.E. Mr Bebeb A.K. Nugraha Djundjunan, Ambassador of the Republic of Indonesia in Athens, and a speech by H.E. Ms Stella Bezirtzoglou, Ambassador of the Hellenic Republic in Jakarta. In the second part, the Business and Investment Opportunities in Indonesia were highlighted with presentations by Ms Maria Vasilaki, Second Counsellor for Economic and Commercial Affairs, B5 Directorate, Hellenic Ministry of Foreign Affairs, Mr Elmo Rinaldi Wiratama, Acting Director of Indonesia Investment Promotion Centre London, Indonesian Ministry of Investment and Ms Eleni Almpanti from Eurobank. The last part of the event concerned doing business in Indonesia and the Greek entrepreneurs that shared their experience were Mr Konstantinos Dimitriou, Managing Director of Vamvaki Ltd, Mr Vassilis Lazaris, International Trade Supervisor of TITAN Cement Company S.A. and Mr Theodore Mellos, International Business Development & Marketing Manager of ALCHIMICA. A common finding was the importance of market presence, finding the right business partner and studying the culture, morals and customs of the people, which differ greatly due to the geographical and religious complexity.