China clinches first overseas bullet train deal with Indonesia

After years of intense lobbying with several countries, including India, in an effort to sell its high-speed rail technology, China has finally bagged its first ever overseas bullet train project signing a USD 5.5 billion deal with Indonesia.

The two countries inked an agreement in Jakarta yesterday to launch a joint venture for a high-speed rail linking the Indonesian capital with Bandung, the capital of West Java “in a breakthrough deal,” state-run Global Times reported.

Speaking at the signing ceremony, Chinese Ambassador Xie Feng said the high-speed rail would be China’s first overseas project entirely using Chinese technology and the largest investment value ever.

“The high-speed railway connecting Jakarta and Bandung has resulted from the agreement of both countries’ leaders upon the need to synergise strategies to attain higher growth,” he said.

The USD 5.5 billion project to build the 150 km high speed rail will be conducted on a business-to-business basis, in which the Indonesian side controls 60 per cent of the joint venture’s stake, while the Chinese partner controls the remaining 40 per cent share.

Read more » The Hindu
See more » http://www.thehindu.com/news/international/china-clinches-first-overseas-bullet-train-deal-with-indonesia/article7774265.ece

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