Pi­raeus port con­sid­ered ‘the head of the dragon’

Kathimerini English - - Focus -

Pi­raeus seems like it’s on its way to be­com­ing the num­ber one port in the Mediter­ranean and Europe, ac­cord­ing to a Bloomberg re­port, while play­ing a key role in China’s One Belt One Road ini­tia­tive. It adds that Cosco, which con­trols Pi­raeus Port Au­thor­ity (OLP), is one of the big­gest port uti­liza­tion com­pa­nies and is spear­head­ing this Chi­nese ini­tia­tive. The re­port says that China con­sid­ers Pi­raeus to be “the head of the dragon” and a strate­gi­cally sig­nif­i­cant tran­sit junc­tion. Cosco, which is a Chi­nese state com­pany, has al­ready in­vested mil­lions in Pi­raeus since un­der­tak­ing the op­er­a­tion of Ter­mi­nal II in 2009, strength­en­ing Pi­raeus’s po­si­tion in the new order that Bei­jing is pro­mot­ing. Bloomberg com­ments that this in­vest­ment has proven a great hit, de­scrib­ing the Chi­nese com­pany’s tim­ing as per­fect. Pi­raeus has be­come the third largest port in the Mediter­ranean and the sev­enth largest in Europe, ac­cord­ing to of­fi­cial data for 2017, post­ing 200 per­cent growth com­pared to a decade ear­lier, the re­port high­lighted.

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