Latest news with #ParkSang-woo
Korea Herald
22-05-2025
- Business
- Korea Herald
Korea pushes tech edge in $13.6b UAE rail bid over China
Transport minister cites Korea's strengths in tech transfer, timely delivery, while acknowledging China's pricing advantage LEIPZIG, Germany — South Korea's transport minister highlighted the country's edge over China in railroad technology in the lead-up to a major export bid with the United Arab Emirates. 'Except for price, Korea holds a competitive edge in the other two criteria — technology transfers to the UAE and completing the project on time,' Land, Infrastructure and Transport Minister Park Sang-woo told The Korea Herald on the sidelines of the International Transport Forum 2025 in Leipzig, Germany, Wednesday. 'Our strategy underscores not only quality but also sharing technology, which is our key strength. In contrast, China's competitive edge lies in price.' While acknowledging that price remains the most critical factor, Park emphasized Korea's strength in technology transfer. He noted that although Korea has its own railroad technology, it has adopted European standards, as requested by Abu Dhabi, to facilitate localization. Historically, the UAE's railroad market has been dominated by companies such as France's Alstom and Spanish firms like Talgo. Park pointed to Korea's proven track record in international rail deals. Reflecting on his state trip to Prague on May 7, he said, 'The Czech Prime Minister told reporters that Korea outpaced France in all three evaluation criteria.' Park had visited Prague with the industry minister in anticipation of signing an $18 billion nuclear plant deal, which was later temporarily suspended due to a preliminary injunction by a regional court at the request of France's EDF, the unsuccessful bidder. In February, a Korean consortium — comprising Korea National Railway, Korail, Hyundai Rotem, and Posco E&C — passed the prequalification process for the UAE high-speed rail project, officially entering the bidding competition. The $13.6 billion project aims to connect a 152-kilometer section between Abu Dhabi and Dubai, covering infrastructure such as roadbeds and train systems. Korea intends to bid for both categories, Park confirmed. 'Although the result of the bidding remains uncertain, I traveled to Abu Dhabi last month to engage with Etihad Rail, the UAE contractor. The discussions with the CEO and chairman of the board were very encouraging,' said Park. He also noted that winning the UAE bid, which uses European-standard railway systems, could boost Korea's credibility in other international markets, including Vietnam, which is planning a $67 billion North-South express rail project. The official bidding process for the Vietnamese project is expected to begin in July or August. Starting with Uzbekistan in 2024, Korea has achieved notable milestones in overseas railway contracts, with cumulative orders valued at approximately 2.5 trillion won ($1.8 billion). Notably, a consortium led by Hyundai Rotem — the railway and defense systems arm of Hyundai Motor Group — and the state-run Korea Railroad Corporation landed a record-breaking high-speed train deal with Morocco in February. Meanwhile, Minister Park also participated in a closed-door ministerial meeting at the ITF, where he shared Korea's insights on consumer subsidy policies for electric vehicles and hydrogen-powered railway systems as part of its future mobility initiatives.
Korea Herald
22-05-2025
- Business
- Korea Herald
Korea highlights tech edge over China in $13.6b UAE rail bid
Transport minister cites Korea's strengths in tech transfer, timely delivery, while acknowledging China's pricing advantage LEIPZIG, Germany — South Korea's transport minister highlighted the country's edge over China in railroad technology in the lead-up to a major export bid with the United Arab Emirates. 'Except for price, Korea holds a competitive edge in the other two criteria — technology transfer to the UAE and completing the project on time,' said Land, Infrastructure and Transport Minister Park Sang-woo on the sidelines of the International Transport Forum 2024 in Leipzig, Germany, on Wednesday. 'Our strategy underscores not only quality but also sharing technology, which is our key strength. In contrast, China's competitive edge lies in price.' While acknowledging that price remains the most critical factor, Park emphasized Korea's strength in technology transfer. He noted that although Korea's railroad technology has aligned with European standards, as requested by Abu Dhabi to facilitate localization. Historically, the UAE's railroad market has been dominated by companies such as France's Alstom and Spanish firms like Talgo. Park pointed to Korea's proven track record in international rail deals. Reflecting on his state trip to Prague on May 7, he said, 'The Czech Prime Minister told reporters that Korea outpaced France in all three evaluation criteria.' Park had visited Prague with the industry minister in anticipation of signing an $18 billion nuclear plant deal, which was later temporarily suspended due to a preliminary injunction by a regional court at the request of France's EDF, the unsuccessful bidder. In February, a Korean consortium — comprising Korea National Railway, Korail, Hyundai Rotem, and Posco E&C — passed the prequalification process for the UAE high-speed rail project, officially entering the bidding competition. The $13.6 billion project aims to connect a 152-kilometer section between Abu Dhabi and Dubai, covering infrastructure such as roadbeds and train systems. Korea intends to bid for both categories, Park confirmed. 'Although the result of the bidding remains uncertain, I traveled to Abu Dhabi last month to engage with Etihad Rail, the UAE contractor. The discussions with the CEO and chairman of the board were very encouraging,' said Park. He also noted that winning the UAE bid, which uses European-standard railway systems, could boost Korea's credibility in other international markets, including Vietnam, which is planning a $67 billion North-South express rail project. The official bidding process for the Vietnamese project is expected to begin in July or August. Starting with Uzbekistan in 2024, Korea has achieved notable milestones in overseas railway contracts, with cumulative orders valued at approximately 2.5 trillion won. Notably, a consortium led by Hyundai Rotem — the railway and defense systems arm of Hyundai Motor Group — and the state-run Korea Railroad Corporation landed a record-breaking high-speed train deal with Morocco in February. Meanwhile, Minister Park also participated in a closed-door ministerial meeting at the ITF, where he shared Korea's insights on consumer subsidy policies for electric vehicles and hydrogen-powered railway systems as part of its future mobility initiatives.
Korea Herald
22-05-2025
- Business
- Korea Herald
S. Korea has competitive edge over China in UAE high-speed railway bid: minister
The South Korean consortium has a competitive advantage in technology transfer over its Chinese rival as it vies to win the United Arab Emirates' high-speed railway project, estimated to cost $13.6 billion, Seoul's transport minister said Wednesday. Transport Minister Park Sang-woo said that the Korean consortium, consisting of the Korea National Railway, Korea Railroad Corp., Hyundai Rotem Co. and Posco E&C Co., has passed the pre-qualification procedure to enter the official bid for the Middle Eastern country's railway project. Park is currently in the eastern German city of Leipzig to attend the three-day International Transport Forum Summit, which kicked off earlier in the day. "Our primary focus is on technology transfer on top of product quality, while China appears to focus on the price dimension," Park told Yonhap News Agency. Earlier this year, the UAE opened two separate bids for the project -- roadbed and railway vehicle constructions. It aims to build a new 150-kilometer-long high-speed train line linking Abu Dhabi and Dubai with a goal of beginning operations in 2030. To win overseas construction projects, three factors should be considered: price competitiveness, localization capabilities and ability to finish the project "on time," the minister pointed out. Compared to other competitors in the race for the bid, Seoul's strength lies in its localization and on-time capabilities, including technology transfer, Park said. South Korea's potential win in the UAE project could pave the way for the country to expand its foothold in the overseas construction market, especially considering that Seoul proposed a European high-speed railway model to the Middle Eastern country, he added. Vietnam, Egypt and Peru are reportedly among the countries pushing for their own high-speed railway project in the near future. In February, South Korea's Hyundai Rotem won a 2.2 trillion-won ($1.6 billion) deal from Morocco to supply advanced trains. Last year, it also signed a 270 billion won contract to supply high-speed trains to Uzbekistan. The minister also said South Korea will work to develop hydrogen-powered trains in line with the international community's push for decarbonization of the transport sector. Earlier this month, Seoul's transport ministry announced a plan to develop and commercialize hydrogen-fueled trains by 2028 to help the local industry secure global leadership in the field. The value of the global hydrogen train market is projected to grow to $26.4 billion by 2035 from the current value of $2.67 billion, according to the ministry. (Yonhap)
New Straits Times
14-05-2025
- New Straits Times
South Korea Jeju Air crash families file criminal complaint against minister, 14 others
SEOUL: Families of victims from the Jeju Air plane that crashed in December have filed a criminal complaint against 15 people including South Korean government officials and airline safety representatives, their lawyers said on Tuesday. Families of 72 of the victims from the Jeju Air crash on December 29 said they were initiating the legal action against officials including transport minister Park Sang-woo alleging negligence in managing safety risks as well as violations of the Aviation Safety Act. The crash at South Korea's Muan Airport killed 179 people, the deadliest air disaster on the country's soil. The statement released by lawyers of the bereaved families said a more thorough investigation was needed on the decision to attempt a return to land immediately after a bird strike, on the maintenance of the aircraft's engine, and on whether the construction of a runway embankment was appropriate. The Jeju Air Boeing (BA.N) 737-800 overshot Muan Airport's runway as it made an emergency belly landing and crashed into an embankment containing navigation equipment known as localisers, killing all but two of the 181 passengers and crew members on board.
The Sun
13-05-2025
- The Sun
South Korea Jeju Air crash families file criminal complaint against minister, 14 others
SEOUL: Families of victims from the Jeju Air plane that crashed in December have filed a criminal complaint against 15 people including South Korean government officials and airline safety representatives, their lawyers said on Tuesday. Families of 72 of the victims from the Jeju Air crash on December 29 said they were initiating the legal action against officials including transport minister Park Sang-woo alleging negligence in managing safety risks as well as violations of the Aviation Safety Act. The crash at South Korea's Muan Airport killed 179 people, the deadliest air disaster on the country's soil. The statement released by lawyers of the bereaved families said a more thorough investigation was needed on the decision to attempt a return to land immediately after a bird strike, on the maintenance of the aircraft's engine, and on whether the construction of a runway embankment was appropriate. The Jeju Air Boeing (BA.N) 737-800 overshot Muan Airport's runway as it made an emergency belly landing and crashed into an embankment containing navigation equipment known as localisers, killing all but two of the 181 passengers and crew members on board.
