Jakarta-Bandung High-Speed Railway: a New Example for Belt and Road Cooperation

BEIJING, Dec. 25, 2023 /PRNewswire/ --  A report from Ifeng News:

On September 7, 2023, the Jakarta-Bandung High-Speed Railway, after eight year's construction, finally launched in Indonesia. It spans over 140 kilometers connecting Jakarta with Bandung.

It's the first High-Speed Railway in Southeast Asia, which marks a major progress in Indonesia's infrastructure construction. It's the first comprehensive systematic overseas High-Speed Railway project that adopts Chinese technology, standards and equipment, and is also a landmark of the BRI.

"This is an milestone for Indonesia." Budi Karya Sumadi, Indonesia's transport minister said: "The Jakarta-Bandung High-Speed Railway marks Indonesia's entering into the fast-railway era." The railway has changed the way Indonesians travel, and promoted Indonesia's economy and international status. It will generate billions of dollars economic benefits for Indonesia every year estimatedly.

The Jakarta-Bandung High-Speed Railway, running with a top speed of 350km/h, will shorten the tour from Jakarta to Bandung from over 3 hours to 40 minutes. It brings great convenience to the exchanges of people and materials between the two cities. It will enhance commercial and tourism development along the route, and accelerate the formation of High-Speed Railway economic corridors. The railway will become a road of development, livelihood and win-win for the Indonesians.

During its construction, the construction team has faced many difficulties. One difficulty is that Indonesia has frequent natural disasters like rainstorms, floods and earthquakes. Another difficulty is the coordination between ecological environment and high-speed railway construction, as the railway travels through the rainforest.

As a leading insurance company, PICC has rich underwriting experience and leading risk assessment capabilities, which can provide full lifecycle insurance services for the project.

Since the inception of the Jakard-Bandung High-Speed Railway, PICC has formulated risk insurance plans for it, providing natural disaster and accident risk insurance during construction process. The relevant mechanisms and insurance programs of PICC have provided insurance for the personnel of China and Indonesia. The project is an example of Belt and Road cooperation between the two countries, and a representative project for PICC to escort Chinese enterprises to expand overseas markets.

PICC has insured over 4,200 overseas investment and infrastructure construction projects related to BRI in the past decade, providing risk insurance of over 13 trillion yuan. It has basically covered all "Belt and Road" partners and key areas like transportation, petroleum equipment, power engineering, communication equipment.