EU Asked Germany Not to Approve Chinese Investment in Hamburg Port
- October 24, 2022
- Posted by: Quatro Strategies
- Category: Politics
The European Commission had asked the German government last spring not to approve and investment by China’s Cosco into Hamburg Port. The Chinese shipping company made a bid last year to take a 35% stake in one of three terminals in Germany’s largest port.
Germany’s ruling coalition is divided over the whether to approve, as Beijing asks Germany not to politicize the bid and the port authority says a rejection could hurt the economy.
The EU warned the government that sensitive information about the business could make it into Chinese hands if Germany allowed the investment.
Meanwhile, German Chancellor Scholz had not yet agreed with the relevant ministers how to proceed.
European Union leaders discussed on Friday to reduce their economic dependency on China, among other topics, when they meet for a second day of talks in Brussels.
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