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COSCO to develop Piraeus Port

PIRAEUS, Greece (AFP) – Chinese shipping giant COSCO on Friday (Oct. 19) said it has ambitious plans for the Greek port of Piraeus, including boosting already-bustling container and car piers and a five-star hotel expansion.

The Chinese company bought the port, one of Europe’s busiest, a decade ago, just before Greece plunged into a debt crisis that is still weighing on the country’s finances.

“We do our best to improve the infrastructure to give a good image of our port,” Piraeus port authority (PPA) CEO Captain Fu Chengqiu told reporters.

“Piraeus gives the…fastest possible connection” between the Far East and Europe, added deputy CEO Angelos Karakostas.

Cosco has already spent close to EUR1 billion (USD1.15 billion) on Piraeus over the past decade, officials said, and plans to add another EUR298 million over the next five years.

Read more on Borneo Bulletin.

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