Germany allows limited Chinese participation in Hamburg port


The port of Hamburg, June 22, 2022 (AFP/Archives/Axel Heimken)

The German government on Wednesday authorized the controversial participation of a Chinese group in the operation of a port terminal in Hamburg, but limited the share sold by invoking the protection of “security and public order”.

The Chinese group Cosco will only be able to acquire a share “less than 25%” in this terminal instead of the 35% targeted, “which will prevent a strategic stake,” said the Ministry of the Economy. in a press release.

This decision in the form of a compromise, which had already filtered from a government source on Tuesday, aims to appease criticism against Chancellor Scholz, in Germany and in the European Union, for his supposed support for Chinese investment in this strategic economic infrastructure.

According to German media, Chancellor Olaf Scholz, himself a former mayor of Hamburg, refused to block this transaction, which was the subject of a preliminary agreement with Cosco a year ago.

In doing so, he drew the wrath of six ministries of his government, including those of the Economy, the Interior and Defence, which were opposed to the project.

Any attempt by the Chinese giant to increase its stake beyond the 25% threshold will be subject to government review, said the Ministry of Economy.

In addition, the purchaser is not authorized to exercise control over the activity of the port terminal, for example by negotiating “rights of veto on strategic or personnel decisions”, he adds.

In the end, Cosco’s investment is reduced to “a purely financial participation”, assures the press release.

Hamburg is the first commercial port in Germany and the third in Europe behind Rotterdam (Netherlands) and Antwerp (Belgium). Cosco is the first Chinese shipowner.

Proponents of the project have argued that Chinese equity stakes already exist in other European ports, and that Hamburg could suffer from a competitive disadvantage.

Opponents believe that times have changed. The EU attaches greater importance to the protection of critical infrastructure since the invasion of Ukraine by Russia.

Germany has been criticized for ignoring warnings about its dependence on Russian gas in recent years.

“It’s better to sell 24.9% than more than 30%, but the decision is bad,” reacted the chairman of the parliamentary committee for European affairs Anton Hofreiter.

The Chancellor and his Social Democratic party’s argument ‘that this is a science project is reminiscent of statements around Russia and the Nord Stream (gas pipeline),’ the environmentalist said in a reaction to the group. of Funke media, deeming the position “at best naive”.

© 2022 AFP

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