The Gyeongbu high-speed railway system, linking the capital Seoul and the southern port city Busan, has been opened.

Acting President Goh Kun and Minister of Construction and Transportation Kang Dong-suk, were among some one-thousand-800 officials, dignitaries and citizens on hand at the opening ceremony held in front of the Seoul Station.

In his congratulatory speech, Goh said the high speed railway, the fifth in the world, clearly demonstrates the nation's competitiveness, and will revolutionize everyday lives of Koreans as well.

After the ceremony, officials and citizens took a test-ride to Daejon city in the central part of the country.

With the nation's first high-speed railway service, travel time between Seoul and Busan will be reduced to two hours and 40 minutes, one and a half hours less than that of the fastest train currently operating on the route.

The Korea Train Express was completed after 12 years of construction and 14 trillion won of investment. The 'bullet train' can run at speeds of up to three-hundred kilometers per hour on the 410 kilometer section. Commercial service will begin on Thursday.

Officials say that the high-speed train will save the country one point eight trillion won or one point six billion U.S. dollars in logistics cost next year alone.