Germany allows Chinese stake in Hamburg port

Chamber of Shipping > Blog > News > International > Germany allows Chinese stake in Hamburg port

Germany’s coalition government on Wednesday allowed a Chinese firm to buy a reduced stake in a Hamburg port terminal after Chancellor Olaf Scholz resisted calls to ban the controversial sale outright over security concerns. Germany’s foreign ministry warned in a cabinet note that an investment by China’s Cosco in a terminal at the port of Hamburg increased Germany’s dependence on China disproportionately and endangered the success of European transport projects. Scholz, a former Hamburg mayor, backed the Cosco deal and has repeatedly stressed the importance of strong trade ties between China and Europe’s biggest economy.

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