Malaysian Railway on Track to Be Biggest ‘Belt and Road’ Project Ever
Ground has been broken on a Chinese-built, mega rail link in Malaysia — to date the single largest construction project approved under China’s "Belt and Road" initiative.
The 55-billion-ringgit ($12.8 billion) project, called the East Coast Rail Link, is the largest commercial deal ever signed between the two countries.
Malaysian Prime Minister Najib Razak said at the groundbreaking ceremony on Wednesday that the 688-kilometer (427.5-mile) railway, which is scheduled to take seven years to complete, will cut travel time from the northeastern city of Kota Bharu to suburban Kuala Lumpur from seven to four hours, the official Xinhua News Agency reported.
In 2013, China set a goal to build a modern “Silk Road,” promoting the country’s investment and infrastructure through land corridors to other parts of Asia and sea routes navigating toward the Middle East and Europe.
Chinese State Councilor Wang Yong said he hoped that both China and Malaysia could seize the opportunity brought by the Belt and Road initiative to mutually benefit.
The project will create 80,000 jobs in Malaysia during construction and more than 6,000 stable jobs once the railway starts running, said Liu Qitao, chairman of China Communications Construction Co. Ltd. (CCCC), which is building the railway.
CCCC will also help train more than 3,000 Malaysians involved in the construction and operation of the project, Liu said.
However, the project still has some obstacles to overcome, including land requisition and demolition along the railway’s route, according to a CCCC statement.
Shares of Shanghai-listed CCCC were trading down 0.58% at 15.45 yuan ($2.31) at noon on Thursday.
Contact reporter Coco Feng (firstname.lastname@example.org)
- 1China Hits Brakes on Overseas Investment Drive
- 2Chinese Universities, Media Climb Steep Learning Curve to 21st Century
- 3American Airlines Taxis Closer to L.A.-to-Beijing Takeoff
- 4Central Bank Pledges Continued Stable Monetary Policy
- 5Central Bank Pushes Payment Companies to Connect With New Clearinghouse
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas