Piraeus Port Development Project Approved

Port of Piraeus. Photo: Maria Theofanopoulou

Greece’s Port Planning and Development Committee approved on Thursday a 611.8-million-euro investment plan for the modernization and upgrade of Piraeus Port, the shipping ministry announced, paving the way for the project to begin.

Describing it as a landmark investment that has been blocked for years, Shipping Minister Yiannis Plakiotiakis said the planned investments will, besides upgrading the port and creating thousands of new jobs, also demonstrate government’s commitment to facilitating investments that are both visionary and realistic and create real added value.

Piraeus Port Authority Chairman Yu Zenggang welcomed the decision during a meeting with Plakiotakis, saying that China-based Cosco Shipping had now obtained the approval to proceed with the implementation of significant investments that will make Piraeus a major shipping hub in the Mediterranean and create even more jobs.

“We hope that the competent authorities will soon review the expansion of the container terminal as it is one major investment that will establish Piraeus port into one of the top container terminals in Europe,” he added.

Shipping Minister Yiannis Plakiotiakis and Piraeus Port Authority Chairman Yu Zenggang.

Besides the construction of a new warehouse and of a five-storey parking space, the port planning committee has already approved the purchase of eco buses, the construction of a cruise ship terminal, the revamp of the landmark Pagoda building into a 5-star hotel and conference center, the conversion of two existing warehouses into 4- and 5-star hotels, and the creation of a 5-star hotel in the Porto Leone position.

An updated and approved master plan also includes the construction of a fourth container pier and a cruise terminal service center with Duty Free Shops.