Mega rail­way be­gins con­struc­tion

China Daily (Canada) - - BUSINESS -

A mega rail­way to be built by China was of­fi­cially launched on Wed­nes­day in the Malaysian city of Kuantan, a mile­stone for China-Malaysia ties as China pushed for­ward the Belt and Road Ini­tia­tive. At a cost of 55 bil­lion ring­git ($12.83 bil­lion), the 688-km East Coast Rail Link will help up­grade pub­lic trans­porta­tion in­fra­struc­ture in the east coast, said Malaysian Prime Min­is­ter Na­jib Razak when in­au­gu­rat­ing the ground­break­ing cer­e­mony of the project. The ECRL is the first artery rail­way built in the east coast, which has been con­nected to the west coast only “via a net­work of roads and high­ways, and small rail lines that were woe­fully in­ad­e­quate.” De­scrib­ing the project as a game-changer for Malaysia, Na­jib said it will sig­nif­i­cantly cut travel time from Gom­bak in sub­ur­ban Kuala Lumpur to Kota Baru in the north­east­ern state of Ke­lan­tan from seven to four hours. par­tic­i­pa­tion in Iran’s rail­way and power plant projects,” Deputy Min­is­ter of Road and Ur­ban De­vel­op­ment for In­ter­na­tional Af­fairs, As­ghar Fakhriyeh-Kashan, was quoted as say­ing. In the rail sec­tor, Iran is go­ing to buy wag­ons from Siemens, to use on a high-speed line be­tween the cap­i­tal Te­heran and the cen­tral cities of Qom and Is­fa­han, Fakhriyeh-Kashan said. Siemens will also pro­vide sig­nal­ing equip­ment and in­stall com­mu­ni­ca­tion signs, he added. In ad­di­tion, Siemens plans to en­ter into a joint ven­ture with Iran’s MAPNA Group, both in the power plant and lo­co­mo­tive manufacturing sec­tor, in or­der to boost do­mes­tic pro­duc­tion, he said. in June com­pared to May, ac­cord­ing to the Fed­eral Sta­tis­ti­cal Of­fice. The slump ex­ceeded econ­o­mists’ pro­jec­tions for a slight de­crease and con­sti­tuted the big­gest fall since Au­gust 2015. Im­ports fell even fur­ther, by 4.5 per­cent dur­ing the same pe­riod, which was the worst fig­ure since Jan­uary 2009. In to­tal, Ger­man firms sold goods worth 107.2 bil­lion euros ($126.58 bil­lion) in June, which still marked a slight in­crease of 0.7 per­cent yearon-year. Trade with other Eu­ro­zone coun­tries grew by 2.7 per­cent, fur­ther un­der­lin­ing the bloc’s strength­en­ing eco­nomic re­cov­ery. Ex­ports to coun­tries out­side the Euro­pean Union, such as the United States and China, fell by 1.7 per­cent.

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