Subject to regulatory approval and other conditions, the JV company, KPMC, will work to improve TITR, a rail route connecting China and Europe. The aim is enhance connectivity and trade flows from Southeast Asia and China, through Kazakhstan, and on to Europe.
KPMC will deploy initiatives like organising block trains and creating station-to-station products on TITR with the ultimate goal of improving transit times and cutting transport costs when using the route.
The joint venture agreement was signed in a ceremony in the presence of Singapore’s President Halimah Yacob and Kazakhstan’s Prime Minister Alikhan Smailov.
Mr Tan Chong Meng, Group CEO of PSA International, said, “This joint venture is a milestone moment for PSA, as it expands our global footprint into Central Asia, and reflects our continued commitment to enhance global connectivity and enable sustainable trade.”
Mr Wan Chee Foong, Regional CEO Middle East South Asia & Head of Group Business Development of PSA International, said, “PSA’s global presence with an established network of ports and supply chain capabilities enables us to add value in the development and commercialisation of TITR. This synergistic partnership will not only bolster PSA’s efforts to expand its rail product offerings but also empower KTZ to tap into new markets and establish itself as a pivotal player in the global logistics landscape.”