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Business / Companies

ZTE launches logistics center in Greece at COSCO-run port

(Xinhua) Updated: 2014-03-20 13:38

ATHENS - Chinese leading global provider of telecommunications equipment and network solutions ZTE and Chinese shipping giant COSCO on Wednesday signed an agreement for using Greece's Piraeus Container Terminal (PCT) as a European logistics center for the wider Southern European region.

Under the deal, from now on ZTE's deliveries in 12 major South-Eastern European markets will be routed via PCT, the largest port of Greece run by COSCO under a 35-year concession agreement. These markets are Croatia, Czech Republic, Slovakia, Slovenia, Austria, Hungary, Bulgaria, Romania, Italy, Spain, Portugal and Cyprus.

ZTE launches logistics center in Greece at COSCO-run port

ZTE launches logistics center in Greece at COSCO-run port

Wednesday's agreement is the first phase of ZTE's long-term investment plan in Greece, which is expected to create around 600 jobs until its completion over a three-year period, according to ZTE Vice President Zhou Jianfeng.

The next phases of the investment include the construction of a repair center for the region and the establishment of an assembly line.

The pillars of Wednesday's deal were set during Greek Prime Minister Antonis Samaras' official visit to China last May.

The deal between ZTE and COSCO marks an important step in the cooperation between the two companies, as well as in the strategic collaboration between China and Greece, supporting the country's efforts to exit the financial crisis, dignitaries who attended the event stressed.

"Piraeus port is a strong development vehicle for Greece. It is a key gateway, an international hub, connected with Greece's rail infrastructure, with Eastern and Central Europe. It has become a significant global hub of transport networks," Samaras said, addressing the signing ceremony at PCT's premises.

Since the start of PCT's operations at the port's Pier II in 2009 a series of infrastructure works and business deals between COSCO and other multinationals, such as the American technology and communications solutions giant Hewlett-Packard and the Chinese Huawei, have upgraded Piraeus' standing internationally.

The deal signed on Wednesday is viewed as a further boost in this direction and a vote of confidence to the prospects of Greek economy.

"Today, we welcome the signing of the cooperation agreement between ZTE and COSCO, two giant companies which exploit effectively this infrastructure and operate successfully in this new context of confidence and stability we are building in our country," Samaras stated.

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