Japanese industrial giant Mitsubishi has declared its interest in looming rail projects in Victoria and NSW as it credited the federal government’s asset recycling initiative for driving the pipeline of infrastructure opportunities in Australia.
Mitsubishi has also unveiled a new partnership with constructor CIMIC (formerly Leighton) which began in bidding for the $800m Canberra light rail project and could be replicated for future projects.
Mitsubishi’s local CEO Mike Takada credited the asset recycling program and the Japan Australia FTA for sowing the seeds of this and other new ventures, and flagged an ambitious bid to help take the Australian public-private partnership model into Asia.
“We are keenly interested in the Victorian High Capacity Metro Train Project and various upcoming NSW rail projects,” Mr Takada said in an interview that coincided with a visit from global chairman Yorihiko Kojima, who is being made an honorary companion in the Order of Australia.
“The landmark JAEPA (JAFTA) has created an environment conducive to such partnerships by making it easier for Japanese firms to invest in Australia and promoting more competitive Australian goods and services into Japan,” he said.
“Relations between our two countries are at their strongest ever. Australia and Japan are both on the doorstep of the world’s fastest-growing economies.
“Through collaborations such as these we can offer competitive and innovative solutions to public infrastructure projects through a world-leading PPP model into Asia.”
Firms are eyeing a potential bonanza of rail projects in Australia with Victoria doing a $9bn upgrade of its subway, removing level crossings and replacing rolling stock. NSW has the Sydney Metro and Parramatta light rail and is also buying new trains. A high-speed rail link on the east coast remains a possibility.
Mr Takada said the PPP model could be exported to Japan, but also deployed in rapidly growing Southeast Asia and beyond.
“Although the challenges are somewhat different, Australia and Japan share a common need for renewed investment in modern infrastructure for the future. Australia is faced with the challenge of delivering critical infrastructure for a rapidly growing population while Japan needs to invest in replacing ageing infrastructure,’’ he said.
“But although the drivers are different, Japan has much to gain from replicating Australia’s advanced PPP model.”
Mitsubishi’s emerging partnership with CIMIC grew out of their shortlisted bid to build the Capital Metro light rail project and the two companies are expected to combine for a range of projects in the future.
“Mitsubishi Corporation has partnered with the CIMIC group, bringing together proven design and construction excellence with our global experience in transport infrastructure and efficient finance,’’ Mr Takada said.
“This collaboration, which is shortlisted for the Capital Metro project, provides a reliable and efficient model that we hope to replicate for future projects in transport and other infrastructure.’’
The Mitsubishi CEO praised the federal asset recycling initiative, which is providing $60m for the Capital Metro project through a 15 per cent incentive payment, as having a “real impact on delivering critical social infrastructure to the long-term benefit of Australia’s society”.
“With one of the fastest growing suburban areas in Australia, the ACT government is the first mover to take advantage of the government’s initiative. It is essential that governments, both in Australia and Japan, invest in the infrastructure of the future, such as with this project,” Mr Takada said.
Mr Kojima, who was awarded Australia’s second-highest civilian honour for services to the Japan-Australia relationship, said he was “deeply humbled” to have been recognised. He saidthe bilateral relationship was “absolutely critical to the stability and economic wellbeing of the Asia Pacific region” and would deepen with the implementation of the FTA.
“The JAEPA will play a major role in further strengthening and deepening an already strong bilateral relationship by facilitating various types of technical and commercial collaboration, including making it easier for the Japanese and Australian business communities to forge strategic partnerships,” he said.
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