“Germany approves Chinese acquisition of Tollerort container terminal in Hamburg”

Jakarta –

The plan to take over the minority stake of the Tollerort container terminal in the port of Hamburg by the Chinese shipping company, COSCO Shipping, had actually been announced since October 2022. However, in April 2023 German Chancellor Olaf Scholz explained that he would review the decision, because the container terminal was earlier this year. classified as “critical infrastructure” by Germany’s national cyber security agency, BSI.

On Wednesday (10/05), government spokesman Steffen Hebestreit said the German government was sticking with its decision from October 2022 to allow Cosco Shipping to acquire a 24.99 percent stake in Tollerort terminal.

The controversial deal was eventually signed, after compromises were reached with coalition partners the Greens and FDP, which had previously balked at the plan.

Strategic port for China

The Tollerort container terminal is owned by the Hamburg port logistics company, HHLA. The company said the Chinese takeover would help secure jobs and make the Hamburg port a top destination for shipments of goods from China. The deal will strengthen Hamburg’s international position as a key logistics chain.

Nearly a third of goods traffic handled at the port of Hamburg originate in China or are shipped to China, which over the past seven years has risen to become Germany’s biggest trading partner with a trade value of 298 billion euros in 2022.

The deal with COSCO Shipping sparked fierce debate after several ministries under the Green Party and the FDP last October opposed buying the stake over fears that China would take full control of the Hamburg port.

Curb Chinese investment ambitions in Germany

In recent years, Germany has begun to restrict Chinese investment in several strategic sectors.

Critics argue that China’s takeover of strategic companies could create security problems. COSCO Shipping which is under the control of the Chinese government is already the largest shareholder in many European ports.

Chancellor Olaf Scholz has previously said he wants to push for more trade deals with China, but there is still debate on the issue within the coalition government.

The Ministry of Economy led by Robert Habeck from the Green Party on Wednesday (10/05) confirmed the agreement to take over the Tollerort container terminal. In a release, the Ministry of Economy stated that previously “there were different assessments regarding the acquisition”.

(cell/pkp)

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(it/it)