Cosco invest additional 500 million EUR in Port of Piraeus

Port of PiraeusChinese company Cosco plans to invest an additional 500 million EUR in the port of Piraeus, according to agreement and additional talks between Greek Prime Minister Alexis Tsipras and Chinese leaders. Chinese company explained that has contacts with international cruise companies that want to transform the port into their homepaort. The plans to transform the port into a cruise center will cost about 200 million EUR. Another priority for the Chinese investor is to improve the infrastructure of the first Container terminal.

During his visit to the Celestial Empire, Greek Prime Minister clearly stated the willingness of his country to become a gateway of China in Europe. Chinese authorities were adamant that investment of Cosco is only “head of the dragon”, referring to the Chinese proverb that the body follows the head of the dragon.

In China, the Greek Prime Minister said the concession agreement for the port of Pireus until 2052 is decisive strategic relations between the two countries. Just a few days before the visit of the Greek delegation in Beijing, however, the company complained that the contract unilaterally revamped by the privatization fund HRADF. To keep the good relations with China, the government urgently corrected document and parliament overwhelmingly ratified it for a second time.