Greece and China are on course to deepen their collaboration on shipping finance, as revealed at a recent conference at the significant Greek port of Piraeus. The event, a joint effort by the Association of Banking and Financial Executives of Hellenic Shipping (ABFEHS) and the Chinese embassy in Greece, took place within the framework of China’s Belt and Road Initiative (BRI), a worldwide infrastructure development strategy.
George Xiradakis, President of ABFEHS, pointed out that Greece represents a secure investment platform for seagoing trade, accessible to both financial institutions and private investors. He emphasized the expansion of the Greek-owned fleet and noted the rise of Chinese leasing finance in shipping from $47 billion in 2017 to $77 billion in 2021. Furthermore, he highlighted the established relationships between Chinese banks, including the Export-Import Bank of China (EXIMBANK), and Greek shipping.
Ren Shengjun, EXIMBANK President, remarked that the 10th anniversary of the BRI presents an opportune moment to reinforce friendship, cooperation, and development. He reiterated the bank’s dedication to maritime cooperation and the modern maritime Silk Road while acknowledging Greece as a pivotal market for shipping finance in Europe.
Theodore Pelagidis, Deputy Governor of the Bank of Greece, underscored the necessity of strong economic and political ties between Europe and China, given the ongoing geopolitical tensions. He praised Greece for being the pioneer European nation to support the BRI and recognized China’s COSCO Shipping investment in Piraeus, which has revolutionized the port into a competitive player.
Xiao Junzheng, Chinese Ambassador to Greece, depicted the port of Piraeus as an emblem of Greece-China collaboration. He expressed optimism that it would transform from a mere loading and unloading port to a logistics and industrial hub, contributing to the integrated growth of ports, industries, and cities.
As the shipping industry undergoes a substantial transformation, Junzheng emphasized the need to transition from shipping finance to supply chain finance, fortify financial support for intelligent and green shipping development, and foster exchanges between the Chinese and Greek shipping finance sectors.
The conference concluded with remarks from Greek shipowner and President of the Yacht Club of Greece, George Prokopiou, who emphasized the imperative of global cooperation.“We now live in the age of cooperation, and the sooner everybody understands that the better will be for the world, for people, for prosperity,” he declared.
The conference underscores the fortifying bonds between Greece and China in shipping finance, a critical development in a time of global uncertainty and the dynamic nature of the shipping industry.
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