Seoul, Might 22 (SocialNews.XYZ) The South Korean consortium has a aggressive benefit in expertise switch over its Chinese language rival because it vies to win the United Arab Emirates’ (UAE) high-speed railway challenge, estimated to value $13.6 billion, Seoul’s transport minister mentioned.
Transport Minister Park Sang-woo mentioned that the Korean consortium, consisting of the Korea Nationwide Railway, Korea Railroad Corp., Hyundai Rotem Co. and POSCO E&C Co., has handed the pre-qualification process to enter the official bid for the Center Japanese nation’s railway challenge.
Park was within the japanese German metropolis of Leipzig to attend the three-day Worldwide Transport Discussion board (ITF) Summit.
“Our main focus is on expertise switch on high of product high quality, whereas China seems to concentrate on the value dimension,” Park informed Yonhap Information Company.
Earlier this 12 months, the UAE opened two separate bids for the challenge — roadbed and railway automobile constructions. It goals to construct a brand new 150-kilometer-long high-speed prepare line linking Abu Dhabi and Dubai with a objective of starting operations in 2030.
In comparison with different opponents within the race for the bid, Seoul’s energy lies in its localisation and on-time capabilities, together with expertise switch, Park mentioned.
South Korea’s potential win within the UAE challenge may pave the best way for the nation to broaden its foothold within the abroad development market, particularly contemplating that Seoul proposed a European high-speed railway mannequin to the Center Japanese nation, he added.
Vietnam, Egypt and Peru are reportedly among the many nations pushing for their very own high-speed railway challenge within the close to future.
In February, South Korea’s Hyundai Rotem received a 2.2 trillion-won (U.S. $1.6 billion) deal from Morocco to provide superior trains. Final 12 months, it additionally signed a 270 billion received contract to provide high-speed trains to Uzbekistan.
The minister additionally mentioned South Korea will work to develop hydrogen-powered trains in keeping with the worldwide neighborhood’s push for decarbonisation of the transport sector.
Earlier this month, Seoul’s transport ministry introduced a plan to develop and commercialise hydrogen-fueled trains by 2028 to assist the native trade safe world management within the discipline.
The worth of the worldwide hydrogen prepare market is projected to develop to $26.4 billion by 2035 from the present worth of $2.67 billion, in keeping with the ministry.
—IANS
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Supply: IANS
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