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Chinese enterprise acquire the first foreign port franchise

¡¡¡¡On March 5th, approved by the Greek Parliament, COSCO Pacific has been entitled the 35-year franchise by Piraeus Port in Greece, this is the first time a Chinese enterprise manages to acquire the port franchise in a foreign country.
¡¡¡¡Under the agreement, in the Piraeus Port, COSCO Pacific has acquired the franchise on four 10,000-standard-container docks in the PIER Terminal 2, the franchise period is of 30 years; also a 35-year franchise on two newly-built 10,000-standard-container docks in the PIER Terminal 3.
¡¡¡¡Wei Jiafu, President of COSCO and the Board Director of China COSCO Holdings Co. Ltd., said that COSCO is stepping up its preparations and expecting to officially take over the terminals operation as from Oct. 1st this year.
¡¡¡¡Once the COSCO Pacific settles in the Greek piers, long-term benefits will be brought in to COSCO, which will strengthen COSCO's liner routes from China to Greece, create more job opportunities for Greek ports and then promote the trade exchanges between China and Greece who are to join hands in dealing with the financial crisis.
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