KUALA LUMPUR: The decision on the feasibility of Kuala Lumpur-Singapore High Speed Rail (HSR) mega project is expected to be announced at the end of the fourth quarter of this year.
MyHSR Corporation chairman Datuk Seri Fauzi Abdul Rahman said that the government is in the midst of studying the project, with a focus on long-term economic impact as well as the country's fiscal position.
"The complete working paper on the project's implementation will be brought to the Cabinet to obtain a final decision," he said during the HSR Asia 2024 Forum here, today.
The KL-Singapore HSR project, he said is not just another transport network, but has great potential to form a collective effort in building the future of the country.
Fauzi added that this project can stimulate the nation's economy by creating greater integration, especially with neighboring regional countries through the first cross-border HSR in Asean.
The project is also seen as a gateway to future high-speed connections to the PanAsia Railway and other Asean countries such as Thailand, Vietnam, Laos, and China.
In 60 years, this project is projected to contribute an economic impact of over RM250 billion as well as creating more than 60,000 job opportunities including the construction and operational phases.
Additionally, the increased connectivity offered by the KL-Singapore HSR is expected to attract more domestic and foreign investment, thus making the nearby area a booming economic hub, as seen in countries like Japan and China.
The KL-Singapore HSR project is also expected to increase accessibility to a wider market for local communities, especially in small towns along the alignment, along with boosting property values in areas around thetattions.n
Furthermore, the KL-Singapore HSR has great potential in reducing traffic congestion and carbon emissions, while also supporting a more sustainable tourism sector.
"This KL-Singapore HSR project is not just a big investment, but also a far-sighted step for Malaysia's future, in line with national development goals and Madani economic principles," Fauzi added.