EU Commission Approves COSCO Investment in Piraeus
Wednesday, 23 July 2014
The European Commission gave the “green light” to Greece for COSCO’s new investment in Piraeus, as according to sources, the Competition Commission and the Internal Control Commission of the European Union approved a friendly settlement agreement between COSCO’s subsidiary and Piraeus Port Organization (OLP), overcoming the biggest hurdle to expanding Greek-Chinese cooperation in the port of Piraeus.
Under the agreement reached between SEP SA (a subsidiary of COSCO) and Piraeus Port, the Chinese company will invest an additional 230 million euros, offering huge benefits to the country as it doubled not only the value of the investment but the number of new jobs, creating another 700 jobs and 1,500 jobs indirectly. The sources said the agreement started from scratch and was signed in a record time of only five months.
The approval paves the way for the biggest foreign direct investment in Greece since the crisis began.