Chinese company cultivates in greek port

CNC
Added On May 16, 2017

INTRO: 
 
During the past years, Greek port city Piraeus has gradully become an important transport hub at the crossroads of Asia, Europe and Africa.
 
Located in the modern maritime Silk Road, the port attributes its re-booming to the investment of Chinese company, to a large extent.
 
Economy report has the details.
 
PKG:
 
Cargoes loaded and unloaded at the port totaled 3.74 million TEUs in 2016, up from 880,000 TEUs in 2010, when China's COSCO Shipping's subsidiary Piraeus Container Terminal (PCT) took over the management of Piers II and III. 
 
SOUNDBITE: TASSOS VAMVAKIDIS, PCT Commercial Manager
"[04:35:13 - 04:48:19] If you imagine that when COSCO came here Piraeus was listed number 93 in the world and now is 38 then you may understand the difference...We regained back the reliability of Piraeus. Everyone knows Piraeus as a reliable and efficient port nowadays. This is what we have achieved."
 
The Chinese investment at PCT coincided with the outbreak of the Greek debt crisis, which brought the ailing economy at the brink of meltdown and China's commitment to the Piraeus project has been hailed for its positive contribution in Greece's effort to move forward. 
 
SOUNDBITE: ZHANG ANMING, PCT's CEO
"All the team worked together and we managed to provide first class service to our customers and win their support."
 
The terminal's connection to a railway in 2013 gave a significant boost to a plan to turn Piraeus not only into a key transit hub and distribution center, but also a major logistics center in the Mediterranean within the Belt and Road Initiative. 
 
After Cosco Shipping's arrival at Piraeus, business giants like ZTE, Hewlett-Packard and Huawei started using the cargo terminals as logistics hubs for their merchandise. 
 
According to analysts, logistics can bring Greece in the future higher revenues compared to tourism, which is for decades the country's top industry. 
 
In 2016, Cosco Shipping acquired a majority stake in Piraeus Port Authority (PPA) with about 400 million U.S. dollars in one of Greece's biggest and most strategic privatization. 
 
It extends Cosco Shipping's business in the port from container terminal to cruise terminal, ferry terminal, car terminal, shipyard and logistics. 
 
The total value of the PPA agreement amounts to 1.6 billion dollars until the expiration of the concession in 2052. 
 
According to a Greece's leading thinktank, the PPA's privatization will help create 125,000 jobs.
 
Nikos Arvanitis, who runs a  shipping agency has been advising companies to use Piraeus as a main hub for their trade.
 
He said he is confident that the Belt and Road Initiative will be very fruitful for Greece, China, world trade and all parties involved. 
 
SOUNDBITE: NIKOS ARVANITIS, Greek Shipping Agent
"We are deeply impressed and very proud to say that the operations changed dramatically on a better way...We are looking forward for better days in the future and we are very very glad to cooperate with Piraeus Container Terminal."
 
SOUNDBITE : ZHANG ANMING, PCT's CEO
"We will continue and hope to do something more for this country and I believe that the country will support us like in Piraeus because indeed we need to support each other to create something new to, let's say, get to development together."