Cosco to Invest Additional €500 Mln in Greece’s Piraeus Port



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Chinese giant Cosco is to invest an additional 500 million euros on developing Piraeus Port, as it was revealed during Prime Minister Alexis Tsipras’ visit to China.

The Greek prime minister visited Cosco headquarters in Shangai on Tuesday where he was briefed on the company’s plans for Piraeus Port by company president Hu Lirong. The first priority of Cosco is large investments in the cruise sector in the port of Piraeus, as the company has already contacted major international cruise companies showing interest to make Piraeus Port their base.

The company plan is to upgrade and expand the port to accommodate the largest cruise ship in the world, accommodating 4,000 passengers. The target is to increase the number of cruise tourists in Greece to 3 million and the budget for the initial investment is 200 million euros.

Cosco’s second priority is to upgrade the port infrastructure in the first dock which is handling containers. The dock will be expanded so that in the future it can hold 10 million containers. The company aims at making Piraeus Port the largest hub in the Mediterranean. Another 200 million euros will go into the project.