Greek port part of BRI success story

Chinese investment ensures once-struggling facility has bright future

On the coast 32 kilometers from Athens, the Greek capital, a forest of cranes at the Port of Piraeus is busy 24 hours a day loading and unloading thousands of containers transported between Asia and Europe.

Flourishing trade volumes have created nearly 2,000 local jobs in less than a decade, transforming Piraeus into the Mediterranean's busiest port.

The key to this success is investment made since 2008 by China COSCO Shipping to upgrade infrastructure. In that year, the Greek government decided to privatize the port's operations amid the economic problems facing the country, and COSCO Shipping won a 35-year contract to operate the facility.

Thanks to COSCO's investment, Piraeus became the world's 38th-busiest container port in 2010, rising in the rankings from 93rd place. Since then, Piraeus has seen its handling volumes grow about sevenfold.

"We are witnessing a new era in the history of Piraeus," said Tassos Vamvakidis, commercial manager of Piraeus Container Terminal, a COSCO subsidiary.