people.cn — Greece has signed an agreement to sell 67 percent of stake in Piraeus, the country’s largest port, to Chinese shipping company China Cosco Holding Co. at 368.5 million euros on April 8, 2016.
According to the agreement, Cosco currently has acquired 51 percent of Piraeus’ stake and will acquire the remaining 16 percent after five years, on condition that it concludes mandatory investments of 88 million euros within the period.
It is expected that the port will serve as a critical juncture where China exports goods to Europe.
Following the signing of the deal Alexis Tsipras announced an official visit to Beijing in June.
Speaking after the deal was signed, Tsipras said the amended agreement between the Greek and Chinese side for the development of Piraeus provides a very important opportunity to give a new perspective for growth in the long relations between the two countries.
“This amended deal comes at a crucial time for Greece, at the end of a very difficult era and at the start of a new, more optimistic era, when the weight will shift towards restarting the economy. For this, investment activities – especially those who can attract other important investments – have a special importance and value to us,” he noted.
Cosco’s chairman Xu Lirong also said Cosco is committed to a harmonious and mutually beneficial development of the port of Piraeus. “We intend to turn Piraeus into the largest container hub in the Mediterranean; we’ll reform the car area and strengthen the supply chain. We will invest in maintaining the shipbuilding infrastructure, seek a greater share in the cruise sector and organize coastal shipping. Piraeus will become the international distribution centre of the eastern Mediterranean.” he said
