Greek and Chinese companies have signed 14 separate commercial deals, mainly involving shipping, real estate and farm exports, during a four-day visit by Chinese Vice-Premier Zhang Dejiang to Greece Tuesday.

At the same time, Greece's Minister for Development Louka Katseli signed a separate memorandum of understanding with Chinese Transport Minister Li Shenglin for closer co-operation in the area of maritime transport.

"We continue to deepen our relations, a strategic relationship for Greece and China, with the advancement and signing of these commercial agreements," Greek Prime Minister George Papandreou said in remarks to journalists.

Greece, which is in the midst of a difficult three-year austerity and reform program, has been actively wooing China to invest in the debt-strapped country. Last year, Chinese shipping giant Cosco took over management control of one of the container terminals in the port of Athens as part of a 35-year, EUR3.4 billion concession, and it has said it would like to expand its investments in Greece.

Likewise, Greek shipping companies, which control some 15% of the world cargo and tanker fleets and half of the European Union's shipping tonnage, have increasingly turned to China over the past decade to build new ships for their fleets.

Under the agreements signed Tuesday, three Greek shipping companies signed deals with Cosco for the construction of seven dry bulk cargo ships, options for another four, and charter deals for five dry bulk carriers.

Also signed was an estimated EUR100 million deal by Chinese real estate company BCEGI Group to develop a commercial and hotel complex in the Athens port of Piraeus, while Greek telecoms incumbent Hellenic Telecommunications Organization SA (OTE) signed a deal with Chinese equipment maker Huawei Technologies to equip the complex.

In addition, there were four separate agreements between Greek and Chinese food companies covering olive oil exports from Greece to China.

-By Alkman Granitsas, Dow Jones Newswires; +30 210 331 2881; alkman.granitsas@dowjones.com
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