Philippines - November 2018
According to the Cagayan Economic Zone Authority, Chinese firms Eminova Asset Management Ltd. and Hunan Goke Maglev Technology Development Ltd. are setting up a USD1-billion training and production center for Maglev trains in Sta. Ana, Cagayan. Maglev, or magnetic levitation, is a system of operating trains by way of powerful magnets, which lifts the cars as they are propelled forward.
The scope includes the planning, design, construction, operation organization management, consulting and technical services, R&D center for training and production of low speed, medium speed, and high-speed electromagnetic vehicle, comprehensive development of other related industries, import and export of Maglev technology transportation, and other new rail transit projects.
The Maglev production line in CEZA would roll out light rail vehicles and medium and high-speed Maglev trains from 200 kilometers (km) to 400 km per hour for countries in Southeast Asia, including the Philippines. CEZA would be providing the land area for the project.
Hunan Goke Maglev, the largest magnetic levitation line builder in the world, will be responsible for establishing the research and development for training and production center, ensuring technology transfer and generating local employment. For Eminova, its role would be to provide the necessary financial and marketing requirement including financial investment and feasibility studies for the project. Eminova is an independent investment fund management of Australian and European funders with a portfolio covering projects in energy, environment, global entertainment and infrastructure. The Hong Kong-based firm is expected to finance the first phase of the joint venture.
The Maglev research and development project is expected to diversify investments in the Cagayan Special Economic Zone and Freeport. CEZA is positioning the freeport as the “FinTech City” or the “Silicon Valley of Asia” by attracting startup firms engaged in financial technology and overseas trading of cryptocurrencies such as bitcoin and etherium. CEZA has so far attracted more than two dozen startup firms.
(Sources: The Philippine Star; Philippine News Agency)