CAGAYAN, Philippines- The province of Cagayan is set to house the country’s first ever development hub of what is claimed to be the ‘world’s fastest train’, after the Cagayan Economic Zone Authority (CEZA) signed a tripartite memorandum of understanding (MOU) with two Chinese firms.
The Eminova Asset Management Ltd. and Hunan Goke Maglev Technology Development Ltd. will lead in putting up the research and development hub of magnetic levitation (maglev) technology, which is a system of operating trains using powerful magnets that lift the cars as they are propelled forward.
The memorandum underscores an initial project cost of $1 billion that will finance the research and development of maglev technology, which is geared towards the production of ‘cutting-edge, low-magnetic radiation, zero-derailment risk’ trains capable of running from 200 km to 400 km per hour.
As part of the memorandum, CEZA will be responsible in providing a project site in Sta. Ana, Cagayan where the Maglev Research and Development Center for Production and Training Hub will be established, as well as being the representative of the government for support system.
According to CEZA administrator and Chief Operating Officer (CEO) Raul Lambino, the project will be capable of providing massive employment opportunities in the locality, like the Hanjin Shipyard facility in Subic Bay Freeport. Northernforum.net