FROM EIR DAILY ALERT
China To Build Maglev Factory in the Philippines
Nov. 12, 2018 (EIRNS)—Two Chinese companies have signed a deal with the province of Cagayan in the Philippines to build medium- and high-speed magnetic levitation (maglev) trains. The Cagayan Economic Zone Authority (CEZA) announced Nov. 8 that Eminova Asset Management Ltd. and Hunan Goke Maglev Technology Development Ltd. signed a memorandum of understanding for the facility in Santa Ana, Cagayan, the province on the northern coast of the main island, Luzon. CEZA said the project includes the establishment of the Maglev Research and Development Center for Production and Training Hub.
According to the Philippine Daily Inquirer, CEZA Administrator and CEO Raul Lambino said the initial project cost of $1 billion would be used for research and development, as well as the production of the both light rail vehicles and medium- and high-speed maglev trains capable of running from 200-400 km per hour, for neighboring countries in Southeast Asia.
Eminova has investments in energy, environment, and infrastructure. Hunan Goke Maglev Technology is a magnetic levitation line builder based in Shanghai, CEZA said.
