Italy's New 'Bullet Train' Aims to Shake Up Euro Travel by nikhilndls on 29 April, 2012 - 08:00 AM | ||
---|---|---|
nikhilndls | Italy's New 'Bullet Train' Aims to Shake Up Euro Travel on 29 April, 2012 - 08:00 AM | |
Italy will launch Europe's first private high-speed train service Saturday, as the country moves towards a more liberal economy. The move could lead other European countries to follow Italy's example of privatizing rail transport and creating new jobs and competition in the marketplace.The new bullet-shaped "Italo" trains can travel at a top speed of 360 kilometers per hour. They are run by NTV, a company headed by Ferrari boss Luca di Montezemolo, which invested $1.3 billion.He says the real achievement was having brought about liberalization in Italian rail transportation."At last, Italian citizens and foreign travelers will be able to choose, and one of the longest monopolies in our country has come to an end," said Montezemolo.Montezemolo says passengers would benefit from the competition. He adds that the aim is to take a quarter of the market from the state rail network Trenitalia, the biggest employer in the country, by 2014.Transport experts say despite the difficult economic times, the new train could be a positive development."We are still the second manufacturing system in Europe after Germany and I think what is happening in the railway system is an example of the strength of the industrial system," noted Professor Matteo Caroli at LUISS university in Rome. "We have basically financial problems, like other European countries, but the competitiveness of our companies is strong." |