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The Belt and Road Investment Cooperation: A Case Study on Greek Piraeus Port Project(No. 54, 2018)

May 16,2018

By Jiang Xiheng, Liu Qianqian & Zhou Taidong, Research Team on “The International Development and Cooperation of Chinese Enterprises”, China Center for International Knowledge on Development

Research Report No. 54, 2018 (Total 5329) 2018-3-23

Abstract: The Piraeus Port project has been hailed as a model of China-Greece investment cooperation. After the acquisition of the Piraeus Port, COSCO Company adopted several measures to turn the loss-making enterprise into a profitable one. By taking full consideration of the demands of the local industry and the urban development, the company focused on localized management and operation and the fulfillment of the environmental and social responsibilities, making substantial contributions to the economic and social development of Greece. It should be noted that the further development of Piraeus Port and the investment cooperation between China and Greece still face a number of challenges resulting from the frequent changes of the Greek administration, the increased doubts raised by Germany, France and some EU countries over China-Greece cooperation, the insufficient information disclosed by mass media on enterprise performance and the incompatibility between the domestic management system and the overseas management methods. The Piraeus Port project shows that the Belt and Road investment cooperation needs to pool together the local governments, employees and social entities to form a community with shared future and put into effect the principle of achieving common benefits through consultation and collaboration; appropriately carry out the tripartite and multi-party-based cross-border cooperation and form an interest binding mechanism to jointly address risks; foster a new concept on investment value for sustainable development so as to gain a bigger say for Chinese enterprises in international affairs; and explore an innovative model for overseas governance to realize the internationalization of overseas management.

Key words: investment cooperation, the Belt and Road Initiative, Greece