Along the 32-kilometer coastline outside Athens, a forest of cranes at the Port of Piraeus is busy 24 hours a day loading and unloading thousands of containers that are transported between Asia and Europe.
Flourishing trade volumes have directly created almost 2,000 local jobs in less than a decade, transforming Piraeus into the Mediterranean's busiest port.
Key to Piraeus' success is investment made since 2008 by China COSCO Shipping, to upgrade its infrastructure. At the time, the Greek government decided to privatize the port's operations amid the country's economic struggles and COSCO Shipping won a 35-year contract to operate the port.
Thanks to the COSCO investment, Piraeus shot up the rankings to become the world's 38th-busiest container port, from 93rd in 2010. During this period, the port has witnessed its handling volumes grow about seven-fold.
"We are witnessing a new era in the history of Piraeus," said Tassos Vamvakidis, commercial manager of Piraeus Container Terminal, a COSCO subsidiary.
Vamvakidis, a Greek employee, proudly points out that out of the 1,900 people PCT employees, only a handful are Chinese and the rest are locals. "COSCO has created local jobs, boosted our local economy, I am proud to be working for this company."
Piraeus' success gives a snapshot of the immense business potential possible through growing trade and connectivity between China and Europe, highlighted by the Belt and Road Initiative, also known as BRI.
Proposed by President Xi Jinping in 2013, the BRI advocates improved connectivity of infrastructure, trade, ideas and knowledge between Europe and Asia
Sources:chinadaily
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