KUALA LUMPUR (April 6): Malaysia is open to reviving a high-speed rail project to Singapore, though it has to be a private sector-led initiative, its trade minister said in an interview with CNBC aired on Thursday (April 6).

In January 2021, Malaysia and Singapore jointly called off an estimated US$17-billion (RM75 billion) plan to build a 350km high-speed railway between Kuala Lumpur and the city-state, after both countries failed to agree on several proposed changes to the project.

Malaysia paid S$102.8 million (RM340.6 million) to Singapore for the project's termination, both countries said at the time.

Malaysia's International Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz told CNBC companies were welcome to submit proposals to re-start the project.

"It's now up to the private sector to then come back to both governments with their proposals on how we can make this a commercially viable initiative," he said.

Companies from China, Japan, South Korea and Europe had expressed interest in winning contracts to build, operate and finance the trains and rail assets for the earlier project, Reuters previously reported.

Singapore's government also indicated last year the country is open to fresh proposals from Malaysia on the project, according to media.