CHINA has its sights set on investing in Greece's airports, railways and its busiest port of Piraeus, both countries have confirmed after a three-day visit to Greece by Chinese Premier Li Keqiang.
Shipping to and from Europe goes though the northern range Le-Havre-Hamburg ports when it seems more natural to go through Mediterranean ports and spare ships the voyage around the Iberian Peninsula.
Given that China and Greece are closer since Cosco Pacific won a 35-year concession in 2009 to run the port of Piraeus, has led to speculation that China now wants to make the southern entry viable.
What the strategy lacks is infrastructure, but Chinese negotiators are talking road, rail and air investment as well as maritime access which they already has and would like to expand.
"China attaches great importance to Greece's geographic advantage as a gateway to Europe and is prepared to intensify cooperation in basic infrastructure such as ports, roads, railways," said the joint statement from the two governments.
Greece, which relies on bailout loans from the European Union and the International Monetary Fund, desperately needs foreign investment to spur growth and create jobs as it struggles to exit a six-year recession.
Cosco has already submitted a bid to buy a 67 per cent stake in Piraeus, and is now also eyeing the construction of an airport in Crete and airport in Athens that is to put up by the government for sale this year.
Development Minister Nikos Dendias said the two sides also discussed the development of a high-speed rail project.
Both sides say the country could become a hub for channelling goods from the world' second-largest economy and top exporter into Europe.
"Greece, apart from a sea trade gateway, can also become a transit hub for air transport," said Greek Prime Minister Antonis Samaras, reported Reuters.
"Ports but also airports, such as the Athens International Airport and the International Airport in Heraklion in Kasteli, are the object of Chinese interest - Piraeus port can become a gateway of China to Europe," said Mr Li.
Greece has the largest shipping fleet in the world, and Greek shipowners transport 60 per cent of China's imported oil and half its exported goods, said Shipping Minister Militiadis Varvitsiotis.
Cosco Pacific has said it wants to turn Piraeus into a regional hub and has sought to expand port facilities and construct an oil refuelling jetty that is awaiting approval by the European Commission.
PORTS
26 June 2014 - 04:19
China prepares to buy Greek transport facilities to build EU gateway
CHINA has its sights set on investing in Greece's airports, railways and its busiest port of Piraeus, both countries have confirmed after a three-day visit to Greece by Chinese Premier Li Keqiang.
PORTS
26 June 2014 - 04:19
China prepares to buy Greek transport facilities to build EU gateway
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