China looks to invest big time in Greek shipping sector

CHINA plans to invest billions of euros in shipping, logistics and airport projects in debt-laden Greece, following a visit to Athens by Chinese vice-premier Zhang Dejiang, according to an unidentified Greek government official.

"These concern maritime affairs, telecoms and a project to renovate a landmark tower building in Athens' port of Piraeus," the official was quoted as saying in a London Financial Times report.

Other deals including shipbuilding agreements worth EUR500 million (US$615 million dollars) will also be signed, a report by AFP said.

It said that Athens is seeking to attract investment from countries with massive sovereign wealth funds such as China, in a bid to stimulate economic growth.

Greece's abundant port facilities, the quality of its world-leading merchant fleet and its strategic location as a gateway into the Balkans and Europe have drawn interest from Chinese global commercial giant Cosco, said AFP.

Cosco last year signed with Greece a 35-year concession to expand the two main container terminals at the main Greek port of Piraeus for a guaranteed premium of EUR3.4 billion.

"Cosco has a major plan to build the port of Piraeus into the greatest container hub in the eastern Mediterranean area, and we will create a logistics centre in Piraeus," said Cosco CEO Wei Jiafu.

Greek transport minister Dimitris Reppas said in May that Chinese companies could be interested in involvement in the privatisation of Greece's heavily indebted railway OSE.
(Source:www.schednet.com)