China Establishes Its Silk Road in Greece by Purchasing the Port of Piraeus

 

Opening a gateway to Europe is a ‘once-in-a-thousand-year opportunity’ for China.

In October 2009, government-owned China Ocean Shipping Company (cosco) took over one of two piers in the Port of Piraeus from its Greek authorities. Since then, cosco worked to increase the annual container volume nearly 10-fold. Finally, after waiting seven years, Beijing’s One Belt, One Road (obor) initiative took a step further when cosco purchased full control of the Port of Piraeus on April 8.

China Expects to Win Control of Biggest Greek Port Dubbed ‘Gateway to Europe’

Chinese government-owned shipping and logistics giant COSCO is expected to complete the purchase of a controlling stake in Piraeus Port as it continues to take advantage of Greece’s privatisation programme.

Speaking at a conference in Athens, China’s ambassador to Greece Zou Xiaoli urged Chinese companies to explore further opportunities to invest in the beleaguered Mediterranean nation, which, as a condition of its bailout programme, is auctioning any saleable assets that remain in public control.

China views Greece as being a potential logistical hub, as it seeks to boost trade into Europe. Piraeus, being one of Europe’s largest passenger ports and the largest container port in the Eastern Mediterranean, is at the heart of its plans.