Chinese putting wind in sails of Greek recovery

Greece rolls out the red carpet Thursday for Chinese Premier Li Keqiang as the cash-strapped eurozone nation looks for Chinese investment to put wind in the sails of its recovery.

Li’s visit comes just a month after his Greek counterpart Antonis Samaras traveled to China to tout his troubled but improving economy as an attractive entry point for Chinese investment into the European Union.

With Greece now on the path to recovery, Li’s two-day official visit to Athens marks Beijing’s renewed interest in investment prospects up for grabs.

Chief among them is a 67-per cent stake in the Piraeus port authority, the largest in the country.

Chinese transportation giant COSCO, which already has a major foothold after having won in 2008 a 35-year concession to expand the two main container terminals at the port, is a favorite.

“This is the first time for a Chinese company to obtain a long-term concession for a European port,” Chinese vice foreign minister Wang Chao said ahead of the visit, referring to the 2008 deal.

“So, it is very significant. Over the past four years, the operation of this port has been very good. And it has made good contributions to promoting the local economy and increasing employment,” Wang said.

The first visit to Greece by a senior Chinese official in four years will see the signing of a joint declaration, a set of government-to-government agreements and a number of business contracts.

The Greek government said Li is also scheduled to travel to Crete, where the Tymbaki port and the airport of Kasteli have been cited as potential investment targets for China.

Overall, a dozen ports around the country including in Greece’s second-largest city Thessaloniki are to be privatized under a state...