The German government has announced that it will continue work on a controversial plan to sell parts of a Hamburg port terminal to China’s state-owned Cosco despite security concerns and coalition protests, Politico writes.
Last October, German Chancellor Olaf Scholz pushed through a deal to allow Chinese transport giant Cosco to buy a 24.99% stake in the port of Hamburg, despite opposition from several cabinet members. In April, the deal was thrown into doubt after German security authorities declared the port part of critical infrastructure, which means acquiring parts of it is subject to much stricter conditions.
German government spokesman Steffen Hebestreit announced that the government will stick to the decision made in October and will not make any amendments. Hebestreit did not provide further explanations.
Scholz has insisted that the deal to sell a 24.99% stake in the port to Cosco must stand.
This has sparked renewed criticism from coalition partners, who have called for a review of the deal and a reduction in the amount of Cosco shares to be sold.
However, the decision to sell the shares of the port comes only six weeks before the meeting of German and Chinese officials scheduled for the 20th of June in Berlin. Critics say the partial ownership of the port is part of Beijing’s plan to gain extensive control over European infrastructure. Port of Hamburg transport company HHLA said it was pleased to have the deal approved and that “all issues regarding the investment review process have been jointly resolved in intensive, constructive discussions”. The deal will be closed very soon.
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