(Yicai Global) May 29 -- A unit of Liyuan Railway Vehicle Equipment has agreed a deal with Turkish state-owned rolling stock supplier Tüvasas to explore subway, tram, and light rail projects in the country as well as in surrounding markets.
Liyuan Precision Manufacturing could form joint ventures through the cooperation agreement, the Jilin-based firm said in a statement, adding that the pair may work together exclusively on projects in central Turkey.
Seen as a historic bridge between Europe and the Middle East, Turkey country sits in a highly-strategic position among Belt and Road Initiative countries. The initiative is China's grand 30 to 40-year plan to develop a vast infrastructure and trade routes comprising networks of railroads, highways, ports and pipelines embracing the continents of Asia, Europe and Africa.
Tüvasas has also contracted Liyuan to build 12 customized trains for USD2.3 million, scheduled for delivery in March 2019. The firm, under the direction of the Turkish railway ministry, makes, renovates and maintains trains.
Editor: William Clegg