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China invests in Greece
China˘s vice premier Zhang Dejiang has signed 14 commercial agreements with Greece˘s deputy prime minister Theodoros Pangalos in Athens,  Greek daily Kathimerni reports.

Further deals between Greece and China were also discussed during the meeting, the report said. Dejiang subsequently met Greek prime minister George Papandreou and president Karolos Papoulias.

In spite of apparently dire economic prospects, the Greek government received a boost when the Chinese vice premier agreed to ink 14 investment deals with Greece.

The government will encourage Chinese entrepreneurs to come to Greece to make partnerships and investments. We are convinced that the Greek government is capable of overcoming the crisis and returning to stable growth, Kathimerini reported Dejiang as saying.

One of the agreements is a memorandum of understanding between China and Greece in the area of shipping, which would foresee favourable chartering rates for Greek vessels, the report said. Seven of the contracts were between Chinese shipping giant Cosco and Greek shipowners for the construction of new ships and the chartering of Greek vessels.

Agreements were also signed between Chinese group BCEGI and Greece˘s Helios Plaza for the construction of a large hotel complex in Piraeus. Also, OTE telecom reached an agreement with China's Huawei Technologies. Four Chinese food firms are also to begin importing Greek olive oil.

Papandreou has also signed a strategic memorandum of understanding with Libyan leader Muammar Gaddafi on matters involving energy, construction, agriculture and tourism, the Greek national television channel ET1 reported on June 10 2010.

This means that Greece will be among the first countries to benefit from the $200 billion package that Libya has allocated for investment in the European Union.

Both countries have prepared plans for the creation of firms that will facilitate and boost co-operation in telecommunications, infrastructure projects, pharmaceutical production and food production.
Source: the sofia echo
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