JAKARTA - A consortium of Chinese and Indonesian firms on Tuesday signed a contract with KCIC, a firm tasked with monitoring the high-speed train project linking Jakarta to Bandung, unveiling the construction phase of the project.

The Engineering, Procurement and Construction (EPC) contract was signed in the premises of Indonesia's state-run construction firm Wijaya Karya (Wika) here on Tuesday afternoon.

The 142-km-long railway project is the first of such in Indonesia as well as the first in the whole region of Southeast Asia.

It is expected to be built in three years and the high speed train could reach a speed of 350 kilometers per hour.

The train would make passengers experience shortened traveling time of around half an hour between the two cities, spurring economic activities along the line.

On behalf of firms of the consortium, Project Director of High Speed Railway Contract Consortium (HSRCC) Xiao Songxin said that through good cooperation and communication, the project can be finished in 2019 as scheduled.

"We will work hard to attain the best quality standards for the Jakarta-Bandung high speed railway train project," he said.

KCIC President Director Hanggoro Budi Wiryawan said that the firm has settled most of the lingering problems, including the official permits and form of enterprises to run the first project of high speed train in the country.

Hanggoro was also optimistic about negotiations with China Development Bank (CDB) over $4.7 billion of fund to partly finance the project.

The signing of the contract was witnessed by Chinese Ambassador to Indonesia Xie Feng and Indonesia's Presidential Chief of Staff Teten Masduki.

Ambassador Xie believes that with full support of the Chinese and the Indonesian governments and hard work of contractors, the project can be settled on scheduled time.

Hailing the signing of the contract, Masduki said that the project would lead to a breakthrough in Indonesia's national train transport system.

"This project would become the cornerstone for Indonesia's train modernization," he said.