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Home ATTUALITA

Chinese investments in the port of Piraeus

by imkadmin
Jan 13, 2022
in ATTUALITA
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Chinese investments in the port of Piraeus
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Greek citizens have differing views on expanding their sphere of influence and expanding China’s economic investment in Europe.

Some of them evaluate such a thing positively, while others express concern. VOA’s Athens correspondent Laurent Laughlin reports from the port of Piraeus.

Since the Chinese transport company Cosco took control of the port of Piraeus, the largest in Greece, capacity at the port container terminal has increased fivefold and new jobs are being created. But some workers say they are not seeing the benefits.

Greek shipowner Nicolas Vernicos is one of those who views the situation positively. He says what is happening is good for the business.

“The investment made by the Chinese company Cosco in the management company of the port of Piraeus is very positive for Greece.”

But Konstantinos Spiropoulos, vice president of a union in the port, says most of the new investment has gone to the container sector, leaving behind the ship repair sector where he works.

Among his concerns: In his sector, 200 men have to share a single toilet. “So all the guys who work on the ship as crew and repairers should share this toilet and clean their hands – under COVID.”

Chinese transport company Cosco now owns 67% of the port. In 2016, the Chinese ambassador to Greece said that Piraeus was a “key link in the One Belt One Road” initiative. He also spoke about Greece’s potential to become a transport hub in this part of the Mediterranean.

Under a contract signed that year, Cosco pledged to buy a 51% stake in the port immediately and another 16% after five years. It also pledged to invest 294m euros in the port. But the commitment was not fulfilled within the five-year period, says Vasilis Kanakakis, president of a shipyard union.

“Instead of imposing a fine on them, we gave them 16% additional shares and a five-year extension for implementation. “This is catastrophic because if this country stays like this for another 10 years, none of us will be here anymore.”

“This is one of the problems when you become addicted to China. I think China has helped Greece improve the port of Piraeus. “But if you are unhappy with the Chinese presence for any reason, you are now stuck, because who else will intervene, take that port and operate it as the Chinese have done – no one,” said Derek Scissors with the American Enterprise Institute.

Cosco did not respond to VOA requests for comment.

Nicolas Vernicos, who is also president of the International Chamber of Commerce, says the Chinese presence benefits his country, especially given Greece’s recent exit from a decade-long financial crisis.

“Piraeus is the fastest growing port in the world. “More and more cargo ships are visiting Piraeus,” he said.

Piraeus Port Authority Chairman Yu Zeng Gang says thousands of jobs will be created to support the port and the surrounding community.

But Vassilis Kanakakis questions the quality of jobs at the port.

“Temporary, low-wage jobs have been created.”

While some port workers are worried about wages and working conditions, others at the port are hoping for business that will bring Chinese owners./VOA/

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