Argentina’s interior and transportation minister, Florencio Randazzo, on Tuesday signed an agreement authorizing Chinese rolling stock manufacturer CSR Sifang Co Ltd. to set up a factory in the South American country and jointly develop projects with state-owned rain operator SOFSE, officials said.
Under the terms of the accord, which made no mention of timeframes or investment outlays, CSR Sifang will install a plant at SOFSE’s complex in Buenos Aires province.
The establishment of the Chinese firm at the complex “marks the beginning of the technology-transfer process so necessary for the recovery of our rail manufacturing industry,” Randazzo was quoted as saying in an Argentine president’s office statement.
The new plant will “create jobs, leveraging the (availability of) skilled labor in the country” and open the possibility of manufacturing rolling stock in Argentina, the minister said.
With this agreement, “we’re advancing on a fundamental pillar for the recovery of the rail industry, which is the modernization of our country’s plants and workshops,” the statement said, adding that the idea is to launch local production of “high quality rolling stock with the latest technology in terms of safety and comfort.”
Date: November 4, 2014