OLP and OLTH can boost GDP by 5.6 bln/year

Business at Greece’s two privatized ports, Piraeus and Thessaloniki, could increase the country’s gross domestic product by up to 5.6 billion euros a year, a survey by the Foundation for Economic and Industrial Research (IOBE) has found. The strategic position of Greece’s two main ports is seen as crucial for international trade.

The significance of Piraeus Port Authority (OLP) in the eyes of its Chinese owners was made clear by the recent visit of Wan Min, president of the China Cosco Shipping Corporation. The senior official of the Chinese Communist Party was in Athens to chair OLP’s anniversary general meeting on the completion of a year since its acquisition by Cosco.

Last week Boris Wenzel, managing director of Terminal Link, also arrived in Athens. The executive of the CMACGM subsidiary came to ensure that the buyout of 67 percent of Thessaloniki Port (OLTH) by the consortium which includes Terminal Link will proceed fast and unhindered.

CMA and Cosco belong to the same shipping alliance but bring cargo to different ports in the Mediterranean: Cosco to Piraeus and CMA to Malta. Their common interests, their contractual obligations for the investment of a total of 530 million euros in the next seven years, and their operation of the two ports will bring great benefits in terms of employment and economic activity in general in Greece, IOBE has also found.