One Belt, One Road Gets A Key Greek Port

2045

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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