China’s Cosco shipping consortium is expected in the coming days to re-submit its multi-million-euro investment plan for Piraeus to the country’s Committee of Planning and Development of Ports.
The submission will include the company’s comments on the previous report issued by the Piraeus Port Authority which, together with the country’s Central Archaeological Council, earlier this month derailed the initial plans. The reasons for the denial were based on environmental and archaeological-related issues.
Cosco’s total investment plan reaches €612 million (approximately $700 million) and includes a shopping mall, a floating ship-repair dock, a large luxury hotel, a large cruise ship passenger terminal and more.
The Cosco conglomerate, a global Chinese giant in shipping and port management, which bought a 51 percent stake in Greece’s largest port in 2016, has managed in few years to turn Greece’s historic port into the second-busiest port in the entire European Union.
The Greek Prime Minister intends to increase cooperation between Athens and Beijing and will participate in the second annual ”Belt & Road Forum for International Cooperation” between April 25 and 27. The Greek government may place pressure on the Greek authorities to grant the green light for this major investment, which could change the face of Piraeus forever.