India has agreed to buy a high-speed bullet train from Japan, in an attempt to transform its creaking rail system.
Prime Minister Narendra Modi said the train would link Mumbai and Ahmedabad, cutting travel time on the route from eight hours to two.
The deal was one of a raft of agreements reached after talks between the two sides in Delhi.
The leaders of Asia’s second and third largest economies also announced other areas of co-operation.
These include working on defence technology, and agreeing a memorandum of understanding on the peaceful use of nuclear energy.
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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.
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China and Russia are considering building a high-speed rail line thousands of kilometers from Moscow to Beijing that would cut the journey time from six days on the celebrated Trans-Siberian to two, Chinese media reported Friday.
The project would cost more than $230 billion and be over 7,000 kilometers (4,350 miles) long, the Beijing Times reported — more than three times the world’s current longest high-speed line, from the Chinese capital to the southern city of Guangzhou.
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