Greek Prime Minister Alexis Tsipras tries out a Huawei mobile phone as he visits Huawei's Beijing Exhibition Center in Beijing, China on Sunday. Tsipras is on an official visit and is expected to meet with Chinese leaders to boost bilateral ties. Photo: IC

Greek Prime Minister Alexis Tsipras began his first official visit to China on Saturday, after Greek MPs ratified a deal to sell a majority stake in the Piraeus port to China's COSCO which experts believe is a model of cooperation between an EU member state and China, and Chinese assistance could maximize the odds of Greece staying and flourishing within the EU and the Eurozone.

Greek lawmakers ratified on Thursday with an overwhelming majority the landmark concession agreement with China's COSCO Shipping for the acquisition of a majority stake in Piraeus Port Authority (PPA or OLP in Greek).

Following the Greek parliament's approval, under the agreement sealed in April this year, COSCO will pay to Greece's privatization fund, the Hellenic Republic Asset Development Fund (HRADF), 280.5 million euros ($311.52 million) for a 51% stake in the PPA and the port's management, said Xinhua. 

"COSCO's investment in the Piraeus port has been one of the most substantial investments of the last decade in Greece and is a model of cooperation between an EU member state and China," Vasilis Trigkas, an Onassis Scholar at Tsinghua University, told the Global Times.

COSCO has already upgraded the port and Piraeus will perhaps become one of the EU's most important ports with enormous spillover effect for the local economy and the recovery of Greece- particularly if the project is complemented with R&D parks of Chinese companies like Huawei, Tencent, and Alibaba, Trigkas said.

As  COSCO purchased full control of the Port of Piraeus, China's One Belt, One Road initiative took a step further. Tsipras underlined that Greece's geographical and geo-strategic location makes the country a gateway for Chinese products and a bridge of understanding and trust between China and Europe, according to Xinhua.

A stable and richer Eastern Mediterranean would limit the flow of refugees to Europe thus softening the influence of anti-globalization and anti EU political forces. Moreover, China's participation in regional integration and economic coordination could provide an anchor of stability in the Middle East and support the energy security of China, said Trigkas.

It is the first official visit of a Greek head of state in nearly 10 years. The goal of the visit, as a time of lingering questions about a possible Greek exit from the eurozone, is to explore the prospect of entering into economic agreements in the fields of tourism, transport, culture and a number of other areas, tornos news reported.

Chinese assistance could maximize the odds of Greece staying and flourishing within the EU and the Eurozone. Yet, the problems of the Eurozone are structural and can only be resolved by a political consensus within the EU, he said, adding that investment in Greece should not only be limited to the economy but also to culture and civilization.