Reuters reports that Piraeus Port Authority boost its investment plans to lure more businesses. The majority of the port is owned by China’s COSCO shipping, who hopes to make Piraeus port into its gateway to Europe.
Port of Piraeus
China had a tremendous development in every field in the past decades and has done a wonderful job with the port of Piraues, said recently Andreas Potamianos, president of the Greece-China Association. Potamianos, aged 86, has been at the helm of the Greece-China Association since 1987.
Chinese Cosco Shipping Ports (CSP) has set its eyes to make the Port of Piraeus, Greece’s major port, the largest port in the Mediterranean in one and a half years, at the same time that freight traffic is expected to increase by 35% within this year only.
The port of Piraeus experienced its best year in terms of financial results, with a turnover of € 111.5 million compared to € 103.5 million in 2016, representing a 7.7% increase. Profit before tax amounted to € 21.2 million compared to € 11.0 million in the year 2016, showing an increase of 92% and the net result is shown improved by 68.6%.
The European Union and Italian authorities are investigating a suspected tax fraud by Chinese criminals, who are reportedly importing goods through Greece’s largest port of Piraeus, which is considered a trade gateway between China and Europe. The European Anti-Fraud Office is also working with Italy on the investigation.
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