The agreement with Cosco was signed last week and after its ratification by Parliament in the next few days Piraeus will be able to start expansion works on its western side that are seen raising the total capacity of its container terminal to 7.2 million teu per annum by 2021. That will allow Greece’s main port to handle the volumes required for it to become the main entry point for Asian trade toward Europe.

After a Piraeus Port Authority general meeting green-lighted for the agreement with Chinese company Cosco regarding the latter’s new 230-million-euro investment in Piraeus, the way is now open for Beijing to move ahead with its export plans in Europe and for Piraeus to become the largest cargo traffic Mediterranean port.

Cosco, in an announcement said that the agreement is a big business plan worth 230 million euros for Piraeus, the port of Piraeus and SEP SA which will be entirely covered by the company".

The government has received a series of studies that reveal the long-term benefits for the economy should the “new European gate for Asian imports” as both Athens and Beijing are calling the port of Piraeus, develop further.