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Piraeus achieves impressive results, thanks to Cosco's investments

PIRAEUS - the 'southern gate' of Europe - is now the second largest port in the Mediterranean Sea, and it's aiming to be the premier port in area

Piraeus achieves impressive results, thanks to Cosco's investments

PIRAEUS - the 'southern gate' of Europe - is now the second largest port in the Mediterranean Sea, and it's aiming to be the premier port in area

24 January 2019 - 19:00

PIRAEUS - the 'southern gate' of Europe - is now the second largest port in the Mediterranean Sea, and it's aiming to be the premier port in area.

In 2008, the former Cosco Group obtained a 35-year franchise right of No 2 and NO 3 container terminals of the Piraeus. In 2016, the Cosco Shipping acquired a 67 per cent stake in the Piraeus port authority for EUR368.5 million (US$418.9 million), officially becoming the operator of the port.



After a decade, China-Greek cooperation is striving to make the gateway the number one port in the Mediterranean. The development of Piraeus in recent years is the encouraging results of the cooperation between Greece and China within the framework of the Belt and Road Initiative, according to Xinhua News.



Amid the debt crisis that hit Greek hard, local economy has benefited from the investment that improved the port's image with impressive results, said Vassilis Korkidis, president of Piraeus Chamber of Commerce and Industry.



He said that the Cosco's investment in the port is a 'flagship project' of Greece, which greatly improved the throughput capacity of the port and created vast numbers of employment opportunities.



'It was an investment of more than EUR3.5 billion. A lot of activities were motivated with the development of the port, which means new jobs - much better paid jobs than other workers' in Greece,' he said.



Since the Cosco's involvement in 2008, the port's annual throughput capacity has increased from the initial 0.68 million TEU to 4.15 million TEU in 2017. The port is now ranked 36th among the 100 biggest ports of the world (Lloyd's List), up from 93rd when Cosco took over.



'It is a very great achievement and it is still developing. As the most rapidly developing port in the world, we want to keep this pace and strive to be number one in the Mediterranean Sea,' Mr Korkidis said.



'The Cosco investment, in my view, is the only real investment in Greece, because they brought the money and put it into infrastructure,' Mr Korkidis said.


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