China Cosco Holdings is anticipated to invest $552 million in the Greek Port of Piraeus over the next five years, with a focus on its cruise market and shipping container business, the firm's president announced on Wednesday.

The company's investment has been allocated for the cruise, shipbuilding industry, and development of Piraeus' facilities and services. It aims to make Piraeus "the biggest transit port in the Mediterranean," Xu Lirong, the company's president, revealed in a meeting with Greek Prime Minister Alexis Tsipras in Shanghai.

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Aside from improving the cruise industry and shipyard sector, Cosco also plans to boost the port's terminal capacity to 20,000 vehicles and increase its annual volume of containers from 4.3m teu to 7m teu, Seatrade reported.

The Greek prime minister's official five-day visit to Beijing and Shanghai comes after the country's parliament approved the sale of a majority of Piraeus's stake to Cosco.

"Greece, which is the first stop on China's way to Europe, can become a bridge between China and the West, between Asia and Europe," Lirong said.

The recent deal, which was approved last week, allows Cosco to own 67 percent of Piraeus' stake. Under the agreement, Cosco would initially buy 51 percent stake of Piraeus for around $310 million and then an added 16 percent for 88 million $97.4 million after a five-year period, Reuters reported.

While describing Greece as "China's most reliable friend in the EU," President Xi Jinping noted that "Piraeus will open new prospects for the broadening of Greece-China cooperation in transport, infrastructure, telecoms, and shipping."

TagsCOSCO, Piraeus, Xu Lirong, Greece, china