Chinese PM visits investment in major Greek port [Update]

Chinese Prime Minister Li Keqiang visited Friday Greeces largest port of Piraeus, where his country has made a big investment, as part of a three-day trip focusing on business deals.

Chinas Cosco has a concession to operate two of three container terminals in Piraeus, one of the largest foreign investments in the country and one which Greece hopes will transform the country into a regional transportation hub.

"The port of Piraeus can become Chinas entry gate into Europe," Li said. "The port of Piraeus is like the pearl in the Mediterranean."

Li and his Greek counterpart, Antonis Samaras, inaugurated a rail link that will transport goods from the Cosco terminal to central Europe, with Li describing Piraeus as "one of the most competitive ports in the world."

Eighty 80 percent of Chinas import and export trade with Europe is done by sea, and the use of Piraeus has reduced the average trip via the Suez Canal by between seven and 11 days, Li said, adding that the Cosco project has created thousands of jobs for Greeks.

Speaking later in the day, Greek Prime Minister Antonis Samaras said China had shown interest in further investment in the country, including in international airports in Athens and the southern island of Crete.

Greece, struggling to end a prolonged, deep recession and dependent on international rescue loans since mid-2010, is desperate to attract investment.

The economy has been under the strict supervision of the International Monetary Fund and the European Union, with successive governments making spending cuts, tax hikes and reforms to qualify for the bailout funds.

"Greece is now a reliable and highly attractive investment destination," Samaras said. "Thanks to the sacrifices of the Greek people, and...