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The New Silk Road and Greece
Transcript of The New Silk Road and Greece
Chinese Investment in Europe
OBOR and Greece:
Chinese Involvement in Piraeus
Greece is seen as the European 'bridgehead' for the Maritime Silk Road, and Piraeus Port as the premium Maritime Silk Road gateway to Europe.
2009: COSCO Pacific obtains concession of piers II and III for 35 years.
January 2016: COSCO's offer for the 67% stake of Piraeus Port Authority (OLP) gets accepted.
Benefits from the Chinese investments in Piraeus
Investment in infrastructure and technology.
Improved transit capacity.
Interest in investing in other ports, airports and in creating a high-speed railway.
New employment opportunities.
The New Silk Road project is highly relevant to the Strategic Partnership between the EU and China.
The EU member states are directly involved in the new Chinese capital inflows.
Chinese involvement in Piraeus can prove beneficial to the Greek economy.
It is vital that the Greek government proceeds with reforms that will eliminate structural defects, so that an efficient business environment will be created.
The New Silk Road and Greece
One Belt, One Road
OBOR : currently the most ambitious policy initiative.
Modern-day silk road, to connect Asia, Africa and Europe.
Announced in 2013, by President Xi Jinping.
Consists of the Economic Belt by land and the Maritime Road.
Emphasis on infrastructure investment.
Purposes and Goals
Creation of a zone of seamless economic activity.
international cooperation, to promote lasting prosperity and political stability.
'Development equals security.'
Opportunity for China to emerge in new markets.
Strengthening of EU-China trading partnership.
From nearly non-existent in the 2000's, to €
Core member states of the European Union are major recipients of Chinese FDI but investment is becoming more diverse geographically.
Despite economic interdependence between the European Union and China, there is not a common, coherent approach among European states as to their economic relations with China.
EU-China's economic relations have grown significantly since the mid 1990's.
Total trade with China was worth €520,657 million for fiscal year 2015 (14.8% of the European Union's trade worldwide).
The OBOR initiative could inaugurate a new era of cooperation between China and the European Union.
Piraeus has the potential to be the link connecting the maritime Silk Road and the Eurasian logistical belt in the supply of existing and future industrial clusters with Chinese participation in Europe.
Its geographical position places it at the crossroads of Asia, Africa and Europe.
Its infrastructure and natural depths accommodate even the largest modern container ships.
It operates under a free zone type I status and on a 24 hour - 365 day operation of the Container and Car Terminals.
Competitive storage fees and the operational and safety standards, which are in accordance with the international regulations.
Challenges of Chinese Investment in Greece
Hostile public opinion towards privatizations.
Concerns about working conditions and safety regulations.
Unattractiveness to FDI.