Makassar. Greece’s Deputy Foreign Minister Harry Theoharis has signaled possible co-investments between Indonesia's sovereign fund INA and its Greek counterpart Growthfund, as Athens wants to tap into the downstream industry. 

To the Jakarta Globe, Theoharis said that his country was open to pursuing “mutually beneficial” investments with Jakarta. Theoharis, who was recently in Jakarta, admitted to having spoken with INA’s boss Oki Ramadhana. INA is the country’s first sovereign fund, but has pivoted to private sector deals, now that Danantara has taken over the state assets.

“We agreed to explore potential co-investment opportunities involving Growthfund, Greece’s National Fund, [as well as] investment and development banks,” Theoharis told the Globe in a written interview, commenting on the INA talks.

“The aim is to align Greek investment capabilities with Indonesia’s development priorities.”

Theoharis, who is responsible for economic diplomacy, went on to say that Greece seeks “mutually beneficial investments” in Indonesia’s multi-billion-dollar push to create value from its commodities. Indonesia has been pursuing resource-based processing as it seeks to shift away from being a raw commodity exporter. This initiative has been in full swing across multiple commodities, ranging from critical minerals like nickel to even palm oil. 

Theoharis did not go into the specifics of the INA-backed projects in the pipeline.

INA aside, Enterprise Greece — the country’s investment promotion agency — and Indonesia’s largest business lobby Kadin have struck a memorandum of understanding on identifying the projects and facilitating the arrangements.

As of 2024, Growthfund's assets under management totaled 12.3 billion euros or roughly $13.8 billion. Its portfolio spans energy, food, and technology sectors, to name a few. Theoharis also tried to lure Jakarta’s investors into Athens, citing its “stable, competitive, and predictable investment environment”.

Post-CEPA Investments
Greek data showed that its (net) inflows of foreign direct investment (FDI) hit around 12.6 billion euros ($14 billion) throughout last year, with the UK being a major source. 

Indonesian government data showed that FDI coming from Greece reached at least $949,000 so far this year as of September, still falling behind other European sources. Indonesia-Greece trade totaled $295.7 million in January-August 2026, up by almost 20% year-on-year (yoy).

Greece, like other European Union (EU) members, is looking forward to Indonesia’s upcoming trade deal, dubbed the CEPA for Comprehensive Economic Partnership Agreement. The accord will not only eliminate tariffs, but is set to unlock a more attractive regulatory environment for investors. 

As the CEPA is set to enter into force in early 2027, Theoharis said that the terms could “improve market access, facilitate investment, and reduce trade barriers”. He called on Greek investors to immediately check out the opportunities. For Indonesian firms, Greece can act as a “gateway to the European Single Market, the Balkans and the wider Mediterranean”. 

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