KUALA LUMPUR: THE South Korean government is preparing a suitable financial and construction package for the Kuala Lumpur-Singapore high-speed rail (HSR) project.
South Korean ambassador Dr Yu Hyun-seok said a consortium was formed in October 2015 to join the Kuala Lumpur-Singapore HSR project and to promote its technology.
“So far, the South Korean minister and vice-minister of land, infrastructure and transport had expressed the desire to join the bidding for HSR during their visits to Malaysia.
“We will have a competitive HSR consortium by recruiting various global companies,” he said during an appreciation event for the Korea Tourism Organisation’s Korean Supporters (Power Bloggers) and Korean Embassy’s Online Supporters, here, on Friday.
Yu said it was timely for Malaysia to promote the HSR project as it would greatly contribute to the country’s economic development.
“Our consortium was set up by a government investment body, Korea Rail Network Authority (KRNA), and private companies including Hyundai Rotem and Hyundai Construction,” he said.
Yu said investment in transportation infrastructure was important as it served as a country’s long-term growth driver.
“The South Korean consortium will be establishing a cooperation network with local companies to conduct a detailed on-site study and devise plans for technology transfers and financing ahead of the project bidding process,” he said, adding that the bidding would open in the fourth quarter of the year.
He said although South Korea’s HSR had a relatively short history, it ranked first in the International Union of Railway’s 2014 performance assessment in both railway safety and on-time performance rate.
“South Korea maintains its railway system’s reputation for safety and reliability with zero casualties recorded since it began operations.
“Moreover, South Korea has developed the High-Speed Electric Multiple Unit (HEMU 430), which reaches a top speed of 430kph,” he said.
“I believe this project will contribute greatly to Malaysia’s economy through the creation of jobs in various sectors during the construction period.
“If chosen, South Korea will do its best to ensure optimisation of project cost and job creation in state-of-the-art technology sectors through cooperation with local companies,” he said.