China eager to invest EU
Just one day after the country’s parliament narrowly approved a law that would give the government greater flexibility to privatize the country's public utilities, a press conference was held at Thursday’s Greek privatization and investment forum in Shanghai.
The Privatization Program of 50 billion Greek assets Promotional Talk, which will be held on Nov. 30 and Dec.1 in Shanghai, was co-hosted by 21st Century Media and the Greek Consulate General in Shanghai.
This forum, authorized by the Greek government, would be the one exclusive investment promotional event in China.
In order to raise more funds to meet debt payment needs, the Greek government launched the second round of a 50 billion Euro privatization program on October 16, which is the world’s largest privatization program of state-owned assets since World War II.
The law, which was voted-on Wednesday, was passed by narrow majorities in most cases and only by a plurality on one of the key measures relating to the privatization program.
Considering Greece’s fiscal status and trends of economic development, the next three years would be the best time to invest.
Since the worsening European debt crisis has led to a drastic reduction in the pricing of Greek assets, now is the best time to purchase Greek assets, said George D. Cambanis, CEO of Deloitte Greece and global leader of Deloitte shipping and ports. Especially in infrastructure, tourism, and business property as there are good investment prospects, he added.
China is keen to boost overseas investment amid efforts to restructure its economy. The country's investment in the EU rose from just $100 million in 2003 to $4.3 billion in 2011.
Premier Wen Jiabao said in September in Brussels that China is a "responsible long-term investor" in Europe and he urged both sides to find ways to boost investment.
China's investment deals in Europe first surpassed Europe's in China in the first quarter of 2012, with 32 investments from China's mainland and just 26 deals made by European companies in China, according to a PwC report.
China Cosco Holdings Co. (601919.SH; 1919.HK), China's biggest listed shipping company, is inclined to buy another dock of Piraeus Port, one source told the 21st Century Business Herald.
The China Investment Corporation (CIC), the nation's sovereign wealth fund, announced on Thursday that its subsidiary is purchasing a 10 percent stake in Heathrow Airport Holdings.
As a preliminary event for the investment forum, the press conference attracted over 20 mainstream Chinese news outlets, including China Central Television (CCTV), Phoenix TV, China Business News, the Xinhua News Agency, Securities Times, China Daily, Global Times and China.com.cn.
The forum will feature a variety of investment projects, including two categories, namely the privatization of public assets project and private projects looking for co-investors, divided into the following areas: renewable energy, food and beverage, export manufacturing, information and communication technology, mining, waste disposal, tourism, property, infrastructure, shares of state-owned companies and land development.
Details about the forum:
As planned, only 50 Chinese enterprises with international competitiveness will have the privilege to be invited to the close-door investment forum.
The services provided by the forum include:
An investment opportunities road show;
VIP meeting with the officials;
After the forum, 21st Century Media will organize a VIP investment trip to Greece for those enterprises with a clear investment intention. The delegation will receive VIP services from the Greek authorities, including direct match-makings, on-site visits and official reception. 21st Century Media will design the services according to the needs of the enterprises.