PM Antonis Samaras hailed as a "vote of confidence" the agreement signed on March 1 amongst American IT firm Hewlett-Packard (HP), Chinese Cosco and Greek Railways TrainOse, involving the use of Cosco's cargo terminal at the port of Piraeus as a distibution hub for HP products in Central Europe, Eastern Europe, the Middle East, North Africa and the Eastern Mediterranean.

The agreement was signed by HP’s senior vice-president, Tony Prophet, and Cosco’s subsidiary (PCT) chief executive, Captain Fu Cheng Qiu, in the presence of the Greek premier.

The deal symbolizes a "new beginning for Piraeus and for the Greek economy" Samaras noted, stressing that it would also "secure Piraeus on the international map of transport logistics" and "create new jobs at a difficult time for Greeks, especially for our youth."

On his part, HP’s senior vice-president Prophet highlighted that "we believe in Greece and the future of the Greek economy."

The agreement was signed one day after the inauguration by Development Minister Kostis Hatzidakis of a new 17-kilometre railway line which connects Piraeus with the main European logistics network.

The €143-million project will considerably reduce travel time for cargo vessels from Asia and the Mediterranean heading to major ports in northern Europe.