Turkish companies are pumping investment into Greece – and a huge shipping company is now relocating to the country.
Park Group, also known as Ciner Holding, has reportedly said that it is relocating its maritime transit arm, Ciner Shipping, to Greece.
It is also thought that CEO Vasileios Papakalodoukas has stepped down from his position, and started a business in the Mediterranean state. It is believed this will operate Ciner’s fleet from Athens.
In December, Park Group signed a contract to sell its entire stake for £632million in Ciner Media Group.
This includes media assets such as Haberturk, Show TV, Bloomberg HT, and Can Holding.
Now, one of Turkey’s largest coporations, Dogus Holding, has sold its 33.75% stake in the Astir Palace Hotel in Athens to Greek shipowner George Procopio for £118million.
A 49% stake in Galataport Istanbul – a premium cruise port – was also transferred in December to five Turkish banks as part of a £870million debt restructuring plan.
It comes as there has been a large rise in Turkish investments in Greece over recent years.
According to the Turkish central bank, as of 2024, the country’s direct investments in Greece reached £433million.
This marks a substantial rise compared to previous years, Turkiye Today reports.
Ferry services between Turkey and Greece have also seen « remarkable growth » in 2024.
The number of passengers travelling to the latter by ferry surged by 93%, reaching 1,153,727.
This was up from 416,000 in 2022, and 804,000 in 2023.
The Greek market, experts say, is witnessing « large business transformations » among some of Turkey’s biggest firms.
Earlier this month, investment opportunities in Greece were presented at an event organised by Turkey’s Economy and Trade Association (ETD) and Greece’s export and investments promotion agency Enterprise Greece at Greece’s General Consulate in Istanbul, ekathimerini.com reports.
Interest in investing in the country from Turkish business owners was « particularly high ».
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