Germany's Scholz defends Cosco decision, stresses need to diversify ties (updated)

Hamburger Hafen und Logistik AG

27/10/2022 12:18

(Adds details)
       BERLIN, Oct 27 (Reuters) - German Chancellor Olaf Scholz
on Thursday stressed the need for Europe to diversify its
relations to ensure it is not dependent on any one nation, a day
after he pushed through a decision to let a Chinese firm invest
in a terminal at the country's largest port.
        Businesses must ensure that they have multiple supply
chains to obtain their goods and that their investments are not
concentrated on just one country, added Scholz in a joint news
conference with Greek Prime Minister Kyriakos Mitsotakis in
Athens.  
  
        "Those who had not considered this carefully enough for
a long time are doing it now in light of the developments
worldwide," said Scholz when asked about Europe's China ties.
  
    At the same time, Scholz defended the German government's
decision to allow China's Cosco to take a 24.9% stake in a
terminal in Hamburg as good and correct - one that brought on
protest within the governing coalition over concerns about
Chinese influence.
        He emphasized that the "ground and soil" of the port in
Hamburg were state property and would never be privatised. 
  
        The approved investment is less than the initially
planned 35% stake that the Chinese shipping giant and logistics
firm HHLA  HHFGn.DE  had aimed for and does not give Cosco any
say in management or strategic decisions.    
  
 (Reporting by Andreas Rinke; Writing by Miranda Murray; Editing
by Paul Carrel)
 ((Miranda.Murray@thomsonreuters.com;))