Key port deal will enhance China cooperation, Greek PM says

The approval of a deal on Piraeus port is expected to usher in greater bilateral cooperation, Greek Prime Minister Alexis Tsipras said in Beijing on Monday.

The Greek parliament approved on June 30 China Cosco Shipping Corp Limited's purchase of a majority stake in the Piraeus Port Authority, after the company signed an agreement with Greece's privatization fund in April to acquire 67 percent of the PPA's stake.

Tsipras told the media in Beijing that he believes the move is the first step in opening up multi-level cooperation between the two countries, which will cover not only trade, but also culture, tourism, shipping and emerging technologies.

Tsipras is on a five-day visit to China, from Saturday to Wednesday.

He said Greece is the first stop for the Belt and Road Initiative entering Europe , and the port, near which a logistics center is being built, will be a gateway for Chinese trade to Europe.

Piraeus is at the southern end of the China-Europe land-sea express, a transport line under construction that starts from Hungary and runs through Serbia and Macedonia. The line is expected to ensure faster delivery of goods between China and Europe.

In 2008, China Cosco secured a 35-year deal to operate two container terminals in the port.