French media: US investment in Greek maritime industry to compete with China's influence

The Greek parliament approved the expansion of Onex, an American company, in the port of Elefsis. This port is adjacent to the Piraeus port, which is controlled by China's COSCO Group.

Elefsis, a small industrial town located 20 kilometers west of Athens, has long suffered from economic crises and unemployment, but now it has suddenly become a focus of attention for major powers. In 2023, Onex secured $125 million (108 million euros) in financing from the US International Development Finance Corporation (DFC), acquiring the Elefsis shipyard, which is about to expand and diversify its operations.

This Thursday, November 27, the Greek parliament voted to approve two amendments that allow Onex to acquire an additional 40 hectares of land and expand its business beyond shipbuilding into commercial, logistics, ports, energy, and defense sectors. The strategic location of Elefsis port, adjacent to a military airport, logistics center, railway, and highway, makes it a hub with many advantages. For the Trump administration, this investment is significant because Elefsis port is adjacent to Piraeus port, which holds 67% of shares in Chinese enterprise COSCO Group. According to France's Le Monde, the acquisition of Elefsis port could offset China's influence in the Mediterranean region.

Piraeus port, dubbed as "the龙头 of the Mediterranean" by China, has become a key component of the "Belt and Road" initiative. In 2016, COSCO Group obtained management rights over most of the large port in Greece, which will end in 2052, and continues to enhance the port's throughput capacity. According to data from the professional website Porteconomics, by 2023, Piraeus port had become the fourth-largest container port in Europe.

New U.S. Ambassador to Greece Kimberly Guilfoyle, upon her arrival in Greece, did not hide Washington's intentions, even if it meant risking diplomatic crisis and involving Athens. The new ambassador was once the ex-girlfriend of Donald Trump's son, and also a former host on Fox News. In her first television interview after taking office, she stated that it was "regrettable" that such crucial infrastructure as Piraeus port is in the hands of America's main competitor. She added, "There are ways to bypass the current situation," implying that the port might be sold again. Beijing responded quickly. The Chinese embassy in Athens called these remarks "serious interference in Greece's internal affairs" and tried to "damage" the stability of Sino-Greek relations. The embassy also said that "Piraeus port [...] should never become a sacrifice in geopolitical confrontation."

"Sino-US competition"

Greek Prime Minister Kyriakos Mitsotakis, a conservative, feels embarrassed by this competition but is also pleased that Greece, due to its strategic location at the crossroads of Europe and the Middle East, has once again become a focus of American attention. Last Friday, November 21, the prime minister, Mitsotakis, tried to reassure the public during an interview with Bloomberg, stating, "The agreements reached by previous governments must be respected. But I believe that there is a way to cooperate with the United States. [...] Greece has other ports that can be developed."

In the parliamentary debate on Thursday, November 27, the left-wing opposition expressed concern over the "ping-pong game between the U.S. and China around infrastructure such as Piraeus port" and pointed out that Greece may "become overly dependent" on the U.S., which would merely replace one form of influence with another.

According to Greek media reports, in addition to Elefsis port, Washington is also interested in the port of Volos in central Greece, especially the port of Alexandroupoli near the Black Sea. This is because there is an American military base and a liquefied natural gas (LNG) receiving station there. The goal this time is to replace the Russian gas that previously filled the Balkans. For this reason, Athens and Washington signed several important contracts in early November to supply liquefied natural gas to the entire region, up to Ukraine.

The chairman of the Chamber of Commerce of Piraeus port, Vassilis Korkidis, believes that "Elefsis port will not directly compete with Piraeus port, but rather complement it. Moreover, the scale of the two ports is vastly different and incomparable. The annual turnover of goods and port services in Piraeus port reaches 235 million euros, while Elefsis port is only 5 million euros." Experts also believe that Elefsis port is particularly suitable for transporting sensitive cargo, military equipment, or high-tech products.

Sources: rfi

Original: www.toutiao.com/article/1850104855797760/

Statement: The article represents the views of the author.