Original news was published on 9 June, 2014

“Ready to roll out the red carpet for investors,” Minister says

Greece ‘s conservative-led government supports a plan to privatize the country’s major ports in hopes of attracting billions of euros of new investments.

Greece’s Minister for Shipping Miltiadis Varvitsiotis told the Wall Street Journal the country was ready to “roll out the red carpet” for investors in the 13 major ports it is planning to sell off, and was ready to consider private investment even in smaller harbors.

“I think privately managed companies can be more efficient and more aggressive in the market,” Varvitsiotis said.

The government got a taste of privatization through Cosco’s efforts at Piraeus, the nation’s main port, which have turned its portion of the port into one of the top 10 container ports in Europe. Cosco will spend US$300 million over the next six years to further expand cargo-handling facilities at the port. The government has initiated a bid for the rest of the port at Piraeus. A.P. Moeller Maersk, International Container Terminal (Philippines), Ports America and Cosco itself have expressed interest. The deal is expected to close by the end of this year.

Privatizing ports is just one aspect of the government’s sweeping plan. Earlier this year, it announced it would sell stakes in state-held rail and road transport, airports, utilities, gaming and public real estate holdings.

*NEWS SOURCE