Follow Greek Investment Immigration and Greek Economic Trends: News from Beijing time on November 27, Greek Shipping Minister Miltiadis Varvitsiotis stated that the transaction regarding Greece's largest container freight terminal with China demonstrates strong investor confidence in the country, which may attract more privatization deals.
Miltiadis Varvitsiotis made this assessment during an interview with CNBC. He said, "This is the single largest foreign direct investment in Greece since the crisis worsened. It is very, very important, and its significance lies in the fact that Greece is attracting new investments, and this investment is crucial."
The state-owned shipping giant China COSCO Shipping Corporation and the Port of Piraeus Authority reached an agreement this month for the expansion of Greece's largest port. As part of the agreement, COSCO will invest €230 million (approximately $311 million) to construct a fourth terminal, which will ensure an annual throughput of 4.75 million containers.
Miltiadis Varvitsiotis stated, "The Port of Piraeus is becoming one of the largest ports in the Mediterranean, and this deal will double its throughput capacity. It will also double the number of vessels docked at the port, which will naturally increase employment in Piraeus."
This deal, which awaits approval from the European Union, is the latest commercial cooperation between Greece and China. The Chinese side had previously acquired a container port in Greece during the peak of the Greek economic crisis in 2010, which later proved to be a significant commercial success.
Miltiadis Varvitsiotis expressed confidence that the European Union will approve this deal and hopes for a swift approval, stating, "Greece really needs such investments." He mentioned that once approved, the government will promote the privatization of the entire Port of Piraeus and other Greek ports, saying, "For the first time in history, we are leveraging our geographical position to attract investments in our ports, rail systems, and the entire transportation system."
Several Greek ports, including the Port of Piraeus, are considered strategic assets for commercial activities in the Mediterranean region and are crucial for maritime trade routes connecting Asia. Miltiadis Varvitsiotis also noted that the shipping industry in Greece plays a very important role in the recovery of the entire country, accounting for over 7% of Greece's GDP and providing more than 500,000 jobs.