Chinese Investment in Greek Port Biggest FDI After The Crisis

The latest deal with China over Greece’s largest container shipping port signals strong investor confidence in the country and could open the door to more privatization, the Greek shipping minister told CNBC.

“It’s the single, biggest foreign direct investment in Greece since the crisis erupted, “Miltiadis Varvitsiotis, told CNBC’s “Worldwide Exchange” on Tuesday. “It’s very, very important and important that Greece is accumulating new investments and this investment is crucial.”

China’s state-owned shipping giant Cosco and the Piraeus Port Authority closed a deal for the expansion of Greece’s largest port this month. As part of the agreement, Cosco will invest 230 million euros ($311 million) to create a fourth pier in the terminal, which will guarantee that 4.75 million containers come into the port annually.

“The port of Piraeus is becoming one of the biggest ports in the Mediterranean and [with this deal] will be doubling its capacity. It will also double the number of ships that call in our port and of course, will increase jobs in Piraeus.”

via CNBC

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza