On Friday, US computer giant Hewlett-Packard (HP) signed an agreement with bigwig Chinese shipping company Cosco - China Ocean Shipping (Group) Company - for moving a major part of its regional supplies through main Greek port of Piraeus.

The HP-Cosco deal - which was signed in the presence of Greek Prime Minister Antonis Samaras and four government ministers - will essentially give HP the advantage of using Cosco's Piraeus port terminal as a transit center. Cosco has signed a 35-year concession deal with the Piraeus port authority (OLP) for running two of its container terminals.

The agreement which HP and Cosco have signed for the Greek hub coincides with the completion of a new 17km railway line that will connect Piraeus with the main freight network in Europe.

With HP's worldwide supply and transport operation amounting to a whopping _38 billion, as per the Greek development ministry, Prime Minister Samaras has welcomed the HP-Cosco deal and has noted that such investments can effectively help Greece tackle joblessness which is the top priority on the government's agenda.

In attendance at a ceremony at Cosco's installations near Piraeus, Samaras, alongside ambassadors from the US and China, said: "I wish to thank these two companies who are marking a new start for Piraeus through this dynamic move."