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Greek-Chinese memorandum of cooperation in shipbuilding and financial institutions

Α memorandum of cooperation have been signed online between the Shanghai Lujiazui Financial City Council and the Association of Banking and Finance Executives of Hellenic Shipping aims to bring China closer to the financing of Greek shipping.
This cooperation agreement is the result of the effort of both parties to further strengthen the relations between the two shipping centers, Lujiazui and Piraeus.
It deals with issues of common interest that can have a positive impact on the financial system of international shipping. Its purpose is to create a network of cooperation in events and forums related to shipping. The creation of a mechanism to stimulate communication between shipping companies and financial institutions from both shipping centers is also being considered.
The agreement also provides the establishment of a representative office of the Union in Lujiazui with the assistance of the Lujiazui Council, which will give Union members priority cooperation with Chinese shipbuilding yards and financial institutions in Lujiazui for financing.
The agreement was signed on behalf of the chairman of the council of Lujiazui Financial City by Mr. Huang Hongyuan, vice president of the Bank of Communications, and Mr. Giorgos Xiradakis, president of the Union of Banking and Financial Executives of Hellenic Shipping.

A long history of cooperation

The president of the Hellenic Maritime Chamber, Giorgos Pateras, referred to the long history of the two peoples and their cooperation in the maritime sector, which has always been beneficial for both sides, based on mutual understanding and trust. Characterizing the initiative to conclude the said agreement as important, he expressed the belief that through it the two major shipping centers will come even closer, further improving the business relations of the two countries.
The Deputy Minister of Shipping & Insular Policy – responsible for ship matters, Kostas Katsafados, congratulated Shanghai’s  Lujiazui Financial City Council and the Association of Banking & Finance Executives of Hellenic Shipping for signing the agreement, expressing the belief that this agreement will further strengthen the countries’ relations in the field of finance.

Mr. Giorgos Prokopiou, founder of the shipping group Dynacom, after congratulating those involved on the completion of the agreement, referred to the great experience of his group in China, having completed the construction of 66 ships in 8 shipyards within 13 years. His confidence in China is also reflected in the fact that his group was the first to build 2 FSRUs in China, which will help Germany cope with gas shortages. He firmly believes in the enormous potential of the two countries’ expansion and cooperation, expressing the belief that the restart of the Chinese locomotive after the blockade due to the pandemic will bring optimism to the development of the global economy.

Mr. Yiannis Xylas, treasurer of EEE and CEO of Ariston Navigation, referring to the long-term support of Greek shipowners to the Chinese shipbuilding industry, shared the common observation about the great change that has been achieved at a cognitive and technological level and expressed hope for the further cooperation between the two peoples. He characterized the agreement as a very important one, hoping that Chinese banks will continue to support the Greek shipping industry, which requires high investment capital.

Closer to the Greek and Chinese shipping industry

On behalf of the Shanghai Lujiazui Financial City Council, Mr. Huang Hong-Yuan assured the participants that Shanghai and Lujiazui will help build economic and trade ties, as well as improve the resilience of the global industrial and supply chain. He emphasized that looking ahead, we should empower each other and unlock untapped potential. Issues such as promoting the BRI, digital and green transition and encouraging economic cooperation are key areas that will enhance connectivity and cooperation between the two countries.

Mr. Sun Feng, President of the China Classification Society, welcomed the successful conclusion of the strategic cooperative relationship, pointing out that the agreement will definitely promote the prosperous development of both parties’ businesses and help promote closer cooperation between the Greek and the Chinese shipping industry.