Privatization of Piraeus Port Will Produce Major Economic Benefits, According to IOBE Study



Greece's privatizationGreece’s Foundation for Economic & Industrial Research (ΙΟΒΕ) has just released a study regarding the economic effects from the controversial privatization of Piraeus port.

According to the study, tilted appropriately “Economics Effects From the Privatization of Piraeus Port,” some 500 million euros may end up in state coffers between 2016-2025 as a result of China’s Cosco company running and controlling the port.

Furthermore, the study says that additional investments amounting to as high as 867 million euros may be undertaken by Cosco and other companies around the area in the years ahead.

The study also foresees major macroeconomic benefits to be derived from the privatization of Piraeus port, adding to the GDP and creating new jobs.

In the aforementioned study, the port plays a key role in Greece’s economy as it constitutes the pillar of the nation’s port system. According to the study, most of the major economic benefits in actual numbers will occur in 2016 (277 million euros) and 2022 (106 million euros) when, according to the current timetable, the sale of Piraeus port stocks is materialized for 280 million and 80 million, respectively.