China and Greece agreed on Monday to push ahead with a 600 million euros investm...
ATHENS - China and Greece agreed on Monday to push ahead with a 600 million euros investment by COSCO Shipping into Greece’s largest port, Piraeus, as part of efforts to boost its role as a hub in rapidly growing trade between Asia and Europe.
The two countries have drawn closer since 2009 when COSCO won a 35-year concession to upgrade and run container cargo piers in Piraeus . COSCO Shipping [601919.SS] bought a majority 51% stake in Piraeus port in 2016. Xi met Greek Prime Minister Kyriakos Mitsotakis on Monday and the two countries signed a memorandum of understanding, stating their mutual will to overcome any obstacles in the implementation of COSCO’s investment in Piraeus, a Greek government official said.
Xi was set to visit COSCO’s facilities in Piraeus, Europe’s sixth biggest container port, later on Monday.
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