The South Korean government formed a consortium in October 2015 to join Kuala Lumpur-Singapore high-speed rail (HSR) project and promote its technology, according to South Korean ambassador Dr Yu Hyun-seok.

The move comes as the government of South Korea prepares a suitable construction and financial package for the KL-Singapore HSR project.

"Our consortium was set up by a government investment body, Korea Rail Network Authority (KRNA), and private companies including Hyundai Rotem and Hyundai Construction" said Yu at an appreciation event for the Korea Tourism Organisation's Korean Embassy's Online Supporters and Korean Supporters (Power Bloggers).

He noted that the South Korean consortium will establish a cooperation network among local companies "to conduct a detailed on-site study and devise plans for technology transfers and financing ahead of the project bidding process”.

Despite its relatively short history, South Korea's HSR ranked first in the International Union of Railway's performance assessment in 2014 both in terms of on-time performance rate and railway safety.

"South Korea maintains its railway system's reputation for safety and reliability with zero casualties recorded since it began operations" he said.

"Moreover, South Korea has developed the High-Speed Electric Multiple Unit (HEMU 430), which reaches a top speed of 430kph.”

Yu believes that the KL-Singapore HSR project will contribute greatly to the economy of Malaysia via the creation of jobs in several sectors during the construction period.

According to him, investment in transportation infrastructure is important since it serves as a long-term growth driver.

"If chosen, South Korea will do its best to ensure optimisation of project cost and job creation in state-of-the-art technology sectors through cooperation with local companies" he said.