On October 2019, a consortium led by Thailand’s largest conglomerate, the Charoen Pokphand (CP) Group on 24 October 2019 signed a USD 7.4 billion deal with the State Railway of Thailand (SRT) to build a high-speed railway connecting three airports.
The railway line spanning a distance of 220 km will transport passengers from Bangkok’s Suvarnabhumi and Don Muang international airports to the airport in Pattaya in under an hour when it opens in 2023. The high-speed line will also serve as a link to the Eastern Economic Corridor, a USD 50 billion scheme seeking to attract investment in industries like auto and tech Manufacturing.
Construction will start in 12 to 24 months and the government is financing 65% of total investment. Officials from the Chinese, Italian and Japanese embassies also attended the signing, as China’s Railway Construction Corporation and Japan’s Bank for International Cooperation are part of the consortium. Also included in the consortium are the Bangkok Expressway and Metro Plc, Italian-Thai Development PCL, and CH Karnchang PCL.
(Sources: Xinhua; Asia Times)