Global port links forged at Chinas BRI Forum

Mr Tsipras explained the port, which Cosco has a 67% stake in, is becoming a “global gateway” to Europe and there is a plan in place for the port to be linked to transport networks towards the Balkans and eastern Europe, reported Seatrade Maritime News.

“The port is developing into a global gateway to Europe for products coming from Chinese and Asian ports via the Suez Canal,” Mr Tsipras said.

“We want our neighbourhood, the southeast Mediterranean and the Balkans, not to be the border between West and East but the bridge,” he said, adding that the goal was for the region to become a “global hub for transport, energy and trade.”

Cosco’s investment plan for the Port of Piraeus was rejected in February, however, the port’s business continues to grow.

Pakistan investment

Pakistan Prime Minister Imran Khan and Chinese Premier Li Keqiang signed an agreement at the Forum to establish a dry port at Havelian city in Khyber Pakhtunkhwa province to connect China and Pakistan, reported Times of India.

Gwadar Port is also set for investment from China, which is expected to benefit Pakistan’s economy, said Renmin University of China international relations professor Wang Yiwei, according to South China Morning Post.

Shanghai Zhenhua Heavy Industries (ZPMC) signed a US$500m contract with PSA International at the Forum, for equipment including 28 quay cranes and 78 rubber-tyred gantry RTGs. ZPMC has also secured an order from Terminal Investments Ltd Group.

Not all attendees had a positive outlook on the Forum, however. Kenya’s President Uhuru Kenyatta and representatives from Ethiopia, Mozambique and Djibouti were amongst African leaders which attended the Forum to call for a reduction in the debt burden caused by BRI, through the building of ports and other trade-related infrastructure.

Last month, Italy became the first G7 country to join the BRI, paving the way for investment at multiple Italian ports and strengthening China’s influence in Europe.

By Rebecca Jeffrey