Germany and China's COSCO finalize Hamburg port deal despite controversy.
The German government has approved a deal that will see Chinese shipping company COSCO take a minority stake in a container terminal at Hamburg port. COSCO's stake in the Tollerort terminal will be capped at 24.99%. The deal had been controversial due to concerns over security and Chinese influence. However, the Hamburg port logistics company HHLA says the deal will make Hamburg port a preferred destination for COSCO and help secure jobs. China has been Germany's biggest trade partner for seven years, with the value of trade between the countries rising to a record €298 billion ($320 billion) in 2022.