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COSCO’s Piraeus Investment Plan Gains EC Authorization

It has been reported that the European Commission approved COSCO’s investment plans in the Port of Piraeus, as reported by ANA-MPA.

The Internal Control and the Competition Commission of the EU authorized an amicable agreement between the Piraeus Port Organization and COSCO’s SEP SA subsidiary, which was the largest challenge in enlarging Greek and Chinese collaborations at the Port.

As stated in the agreement, SEP SA plans to invest 230 million euros, which is predicted to create 700 job positions along with 1,500 indirect jobs. This marks the largest foreign investment since the crisis began six years ago in Greece.