Greece has received the ‘green light’ from the European Commission for Cosco to invest in the port of Piraeus.
A settlement agreement was approved by the Competition Commission and the Internal Control Commission to allow Cosco’s subsidiary and Piraeus Port Authority to expand Greek-Chinese cooperation at the port.
Under the agreement, reached between SEP (a subsidiary of Cosco) and Piraeus Port, the Chinese company will invest an additional US$300 million, which doubles both its existing investment and the number of new jobs: an additional 2,200 jobs will be created indirectly.
The approval paves the way for the biggest foreign direct investment in Greece since its economic crisis began.
It was reported that the agreement started from scratch with a record signing time of only five months.