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China Purchased Greece’s Major Port, Aims To Make It The Largest In Europe

Seemingly, China is seeking to renovate Greece’s Piraeus port to the largest harbor in Europe, making it the most important transit center for trade amid Asia and Europe. In 2016, the Chinese shipping company Cosco obtained a mainstream stake in Piraeus port. Located in the Saronic Gulf, Greece’s biggest harbor—which is also Europe’s seventh-largest harbor—is at a prime location between European and Asia. Previously this week, Xi Jinping (Chinese President) and Kyriakos Mitsotakis (Greece’s Prime Minister) declared that Cosco would be spending around $660 Million (600 million euros) to advance Piraeus further.

Kostas Fragogiannis—Greek Deputy Minister for Foreign Affairs—said to CNBC, “The goal is to modify it into the biggest shipment hub between Asia and Europe and, possibly, the largest port in Europe.” Reportedly, Rotterdam’s port situated in the Netherlands is the biggest harbor in Europe. It saw over 8.6 Billion containers (outgoing and incoming by sea) in 2018—which is a surge from the previous year. Fragogiannis said, “The geographical benefits of Greek ports can be used for assisting and augmenting transfer flows from China and to the EU (European Union), the Black Sea region, the Balkans and vice versa.” Ever since the Greek economic crisis, Athens and Beijing have intensified their associations. In August 2018, Greece declared that it was officially joining China’s BRI (Belt and Road Initiative)—which is the grand investment plan of Xi that links Asia, Europe, and Africa.

On a similar note, Greece depends on Chinese banks to establish across the southeastern Europe country. Greece is eager to further expand its progressing commercial association with China to incorporate the business of Chinese banks across Greece. The strong bond between Greece and China has not only been beneficial for Greece but also has set an example for countries in Europe, stated Adonis Georgiadis—Greek Minister for Development and Investments.

Stephen Yanez
Stephen Yanez Author
EDITOR-IN-CHIEF At The Concepts News

Stephen Yanez studied masters of business administration in finance from an elite university. He is a chief editor at our portal and is very proficient in his job duties, business finances, clients’ relations, and other related operations. He has in-depth knowledge of business enterprise, financial strategies, economic forecasting, and leadership. Stephen is fully devoted to managing the business column and writes about mergers, acquisitions, IPOs (initial public offerings), and quarterly revenue forecasts. He is a passionate reader and in leisure time can be seen in a bookstore or park reading.

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