Chinese shipping giant COSCO has signed an agreement with its Greek partner to confirm the deal on Piraeus port.

COSCO will pay about 317 million US dollars for the initial acquisition of a 51 percent stake, and another 98 million within five years for the remaining 16 percent. COSCO has committed to investing an extra 388 million dollars over the next decade in infrastructure at Piraeus Port.

Piraeus is one of the largest ports in Greece. Analysts say the deal would create 31 thousand jobs for the country, and add 0.8 percentage points to GDP growth by the end of 2025. COSCO says the deal would make Greece a regional cargo and logistics center.

"To develop the shipping business, you need hinterland and a convenient transfer spot. By investing in this port, we now have an ideal position to further expand our seaborne transportation," said Fu Chengqiu, general manager of COSCO Piraeus port.