COSCO's Greek project becomes magnet for Chinese investment

Laying foundations

At the political level, Chinese and Greek leaders have had close exchanges in recent years to lay the foundations for closer cooperation on all fronts.

Xi met with Antonis Samaras, Greece's former prime minister, in July 2014 when he made a technical stopover on the island of Rhodes on his way to Brazil. In September 2015, Xi met with Tsipras in New York, and they also met in Beijing last year during a visit by the Greek leader. Samaras met Li Keqiang when the Chinese premier visited Greece in 2014.

During the meetings, the Greeks demonstrated that they are committed to attracting Chinese investment. They applauded China's decision to expand investment in the debt-ridden country when a number of potential investors backed off.

"The two civilizations have deepened their friendship in these hard times (by expanding investment and offering bailout liquidity)," Pitsiorlas said.

In return, Greece helped to evacuate thousands of Chinese nationals from war-torn Libya in 2011, transporting them to Crete and then flying them back to China.

Pitsiorlas and Zou praised Cosco's involvement in Piraeus Port, which they believe will encourage other Chinese investors.

Pitsiorlas said there has already been intensive engagement with multinational real estate company Dalian Wanda, e-commerce giant Alibaba and energy heavyweight Shenhua Group, and Greece is ready to offer further opportunities for Chinese investment.

"Piraeus Port is becoming the heart of transportation in the Mediterranean area. It shows that Greece can be a bridge between Asia and Europe," he added.

To further attract Chinese investors, many signs at airports, ports, restaurants and other locations will soon include Chinese characters.

Zou said many Chinese investors have flocked to Greece to explore the opportunities on offer, especially since last year. He has not only welcomed business chiefs, but also Chinese leaders at the municipal and provincial levels, who showed great interest in exploring opportunities by taking advantage of Greece's gateway position.

Zou attributed the trend to the pioneering "dragon's head" effect of Cosco's Piraeus Port project, which is by far the most successful infrastructure cooperation project so far in Greece, and even Europe. "This has greatly boosted the interest and confidence of Chinese businesses to invest in Greece," he said.

He added that projects under discussion between the two countries cover a wide range of sectors, including shipbuilding and repair, ports, airports, power, telecommunications, finance and insurance, tourism, real estate and energy.

He recently welcomed two companies from Shanghai, who are competing for the same project in Greece. "It is encouraging, and we hope more Chinese investors will come," he said.

Contact the writer at fujing@chinadaily.com.cn