Con­cerns over in­vest­ment by China in Greece re­jected B2

Deals ben­e­fit both sides: MOFCOM

Global Times - - Front Page -

China’s Min­istry of Com­merce ( MOFCOM) on Wed­nes­day stressed the eco­nomic and so­cial ben­e­fits of in­vest­ment co­op­er­a­tion be­tween Chi­nese and Greek com­pa­nies, af­ter some West­ern coun­tries ex­pressed con­cerns about China ex­pand­ing its in­flu­ence in the coun­try and into Europe.

In re­sponse to a ques­tion from the Global Times, the min­istry also high­lighted the pos­i­tive mo­men­tum in the two coun­tries’ eco­nomic and trade ties in re­cent years.

“Chi­nese com­pa­nies’ in­vest­ment in Greece has yielded pos­i­tive eco­nomic and so­cial ben­e­fits,” MOFCOM said in a statement, adding that China and Greece have main­tained a deep friend­ship, a pos­i­tive po­lit­i­cal re­la­tion­ship and smooth de­vel­op­ment in eco­nomic ties.

Chi­nese com­pa­nies have been in­vest­ing heav­ily in Greece in re­cent months. In June, State Grid Corp, China’s largest util­ity, com­pleted an ac­qui­si­tion of a 24 per­cent stake in Greece’s power grid op­er­a­tor ADMIE for 320 mil­lion euros ($ 356 mil­lion).

State Grid’s deal fol­lowed an­other mas­sive in­vest­ment by China COSCO Ship­ping Corp in Greece’s Pi­raeus port, which could amount to a stag­ger­ing 850 mil­lion euros in to­tal.

These are just the lat­est in a wave of Chi­nese in­vest­ments in Greece. Ac­cord­ing to the MOFCOM statement, by the end of June, China had in­vested a to­tal of $ 1.3 bil­lion in Greek projects such as ports, ship­ping, telecom­mu­ni­ca­tions and pho­to­voltaic prod­ucts.

Such in­vest­ments in the EU coun­try have re­port­edly caused some con­cerns in the West. The New York Times said the in­vest­ments were a way for China to ex­pand its “foothold in Greece, and, by ex­ten­sion, in Europe.”

But MOFCOM on Wed­nes­day said the in­vest­ments were “suc­cess­ful ex­am­ples” of co­op­er­a­tion be­tween Chi­nese and Greek firms that show the huge po­ten­tial for co­op­er­a­tion.

The min­istry also pointed to ris­ing Greek in­vest­ment in China and fast- grow­ing ex­ports to China. As of the end of June, Greece has in­vested a to­tal of $ 96.4 mil­lion in 147 projects in China, and Greek ex­ports to China jumped 44.3 per­cent year- on- year in the first half of the year to $ 180 mil­lion.

Newspapers in English

Newspapers from China

© PressReader. All rights reserved.