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Success of Piraeus port spurs Greece to attract Chinese investment for other sectors

GREECE is seeking to attract Chinese banks to open branches in Athens and help drive the development of Greek business, according to Greek Minister for Development and Investments Adonis Georgiadis, as the nation aims to further strengthen its commercial relationship with China

Success of Piraeus port spurs Greece to attract Chinese investment for other sectors

GREECE is seeking to attract Chinese banks to open branches in Athens and help drive the development of Greek business, according to Greek Minister for Development and Investments Adonis Georgiadis, as the nation aims to further strengthen its commercial relationship with China

27 October 2019 - 19:00

GREECE is seeking to attract Chinese banks to open branches in Athens and help drive the development of Greek business, according to Greek Minister for Development and Investments Adonis Georgiadis, as the nation aims to further strengthen its commercial relationship with China.

Mr Georgiadis said investment in Piraeus port by Chinese enterprises is a successful case of bilateral cooperation and 'we want to have more Chinese investments in more sectors' including banking, reported Seatrade Maritime News, Colchester, UK.



The Minister said the success of the Piraeus investment has surpassed expectations. He said that as a result of the investment, the upgraded Piraeus port helps goods from China enter Europe more easily and at cheaper prices. He highlighted that the two nations have a close cooperation in the shipping industry in general.



Mr Georgiadis said that investment cooperation between Greece and China in the energy sector can also benefit other European Union member states. 'I think Greece is a good example of cooperation with China, and this could help other European countries consider having more Chinese investments,' he said.



China's Belt and Road Initiative helps countries like Greece make it through tough times, the Minister noted, adding China's trust has bolstered other countries' confidence in Greece.



Mr Georgiadis' comments come after Cosco-controlled Piraeus Port Authority (PPA) confirmed that Greece's Committee of Planning and Development of Ports (ESAL) had approved investments amounting to EUR611.8 million (US$685 million).



PPA chairman Yu Zenggang said that 'after a long waiting period, we obtained the approval to proceed to the implementation of significant investments that will make Piraeus the most important port in the Mediterranean and will create even more new working positions.'


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