The Port of Piraeus wants the Greek government to approve an investment plan for the attraction of more business to the port, as soon as possible. Cosco owns the majority of the Piraeus port.
The Port of Piraeus is currently waiting Greece to continue with mandatory investments, Reuters informed. The Port wants this to happen soon, as in case of delay there will be legal means, such as clauses in the concession agreement.
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China wants to make Piraeus its gateway to Europe, under the Belt and Road initiative. For this reason, Cosco bought a 51% stake in the Port in 2016, in order to transform it to a transhipment hub for trade between Asia and Europe. Cosco will also buy an extra 16%, when it completes mandatory investments of 300 million euros to upgrade infrastructure.
Cosco will be running the port, which incorporates passenger ferry, car, container and cruise ship terminals along a 37 kilometre coastline, until 2052. In addition, the Port has contacted stakeholders in the hotels industry, in order to develop four hotels.
Namely, Piraeus wants to make two warehouses into hotels and transform an exhibition centre into a luxury facility. The fourth hotel will be crated at a new terminal for new generation cruise ships.
Finally, the Port of Piraeus wants to become a major port for cruise ships and receive a share of the Chinese cruise market.