Chinese state-owned shipper,the Cosco Group, plans to acquire 51% of Piraeus Port Authority’s outstanding shares for 300 million to 400 million euro ($325 million to $433 million).
By this China plans to get a key foothold to expand its economic and military presence in Europe and Africa under the “One Belt, One Road” trade route initiative.
Highlights :
- Piraeus ranks among the largest in Europe and serves as a key maritime hub for Chinese exports to western Europe and Africa.
- Beijing can gain control over a major post along both sea and land routes.
- Can officially increase port infrastructure once after it acquires Greek port operator.
- Becomes central location along “One Belt, One Road”
- Can help in building both economic and political influence in the region.
Source: Nikkei Asian
