Thursday, 15 November 2012

Hewlett-Packard, China's Cosco & Trainose : A Promising Deal

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The current two dimensional HP logo used on co...
The current two dimensional HP logo used on corporate documents, letterheads, etc. (Photo credit: Wikipedia)
A provisional agreement between American IT firm Hewlett-Packard (HP), Chinese Cosco and Greek Railways Trainose was announced on Wednesday involving the use of Cosco's cargo terminal at the port of Piraeus as a transport hub for HP products in Central Europe, Eastern Europe, the Middle East, North Africa and the Eastern Mediterranean. What this basically means is that the merchandise will be distributed by sea through the terminal of Piraeus and then by land via the adjacent Trainose railway line. The new deal coincides with the completion of the Neo Ikonio railway track which links the port of Piraeus with the trans-European railway network.

HP’s logistics and transport business totals US$ 50 billion, of which the largest part relates to activities in Europe, North Africa and the Middle East; until now HP had a contract with the port of Rotterdam. According to initial estimates by the Ministry of Development, this new contract deal -expected to come into effect by the end of 2012- could increase local cargo business at Piraeus by 50%, creating hundreds of jobs and boosting economic growth.

The agreement  was presented to Prime Minister Antonis Samaras by HP’s senior vice-president, Tony Prophet, and Cosco’s subsidiary (PCT) chief executive, Capt. Fu Cheng Qiu. The Greek premier referred to the agreement as a "vote of confidence" for Greece in its effort for economic recovery, noting that it will help the country establish its global presence.

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