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.”
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