China Firms ZTE & COSCO in Greek Port Logistics Deal
China's leading global provider of telecommunications equipment and network solutions ZTE and shipping conglomerate COSCO have signed an agreement allowing Greece's Piraeus Container Terminal (PCT) as a European logistics center for ZTE products for the wider Southern European region, reports Xinhua.
Under the terms of 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.
According to Xinhua, citing Vice President Zhou Jianfeng, this 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. The next phases of the investment include the construction of a repair center for the region and the establishment of an assembly line.
Source: Xinhua