The KL-Singapore High Speed Rail (HSR) project will be a game changer for both countries and our people. This is the most important bilateral cooperation project and can be exemplary for regional cooperation. I am honoured to co-chair the Ministerial committee with Malaysian Minister Wahid to oversee the project. We ensure that the project maintain a steady pace of progress.
Today, both Governments are launching a Request for Information (RFI) exercise. This RFI will help us gather views from the industry, on how we should structure the project commercially. To be sustainable and exemplary, the project must meet the market test.
We know the potential that HSR can bring. It can catalyse economic growth, unlock new opportunities, and transform the way our peoples and businesses interact. But it is a large, complex infrastructure project, and there are many examples of countries that have failed in their HSR aspirations or their HSRs have run into serious financial problems. A common reason is the gulf between the government’s ambitions and the market reality. This market sensing exercise is intended to close that gulf. At MND, we could see the benefits of conducting market sensing before implementing large-scale projects, such as the development of the Integrated Resorts at Marina Bay and Sentosa.
The journey ahead remains long. But we are putting in place the necessary building blocks.The RFI today is one such building block. We look forward to the market response.
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