IT IS an idea that could transform the economy of Scotland: a high-speed ground transport link that takes passengers from the centre of Glasgow to the centre of Edinburgh in 15 minutes.

It is not a futuristic pipe dream but technology that exists now: the maglev, which travels at 500km per hour, or 311mph, at full speed.

This Transrapid magnetic levitation' technology has been used since January 2004 to carry thousands each day between Shanghai and Pudong Airport to an exacting timetable.

And the version planned for Scotland would be faster and more environmentally friendly than the existing one in China.

It is being proposed by UK Ultraspeed, whose chief executive Alan James said: "The fastest ground transport system in the world would transform Glasgow's and Edinburgh's economies. Scotland can become a magnet for high-skill, high-tech investment, enabling it to outclass competitor locations in Europe and beyond."

Maglevs seating around 500 people could leave both Glasgow and Edinburgh every 15 minutes. An Ultraspeed projection shows maglevs travelling between Glasgow and Edinburgh airport in about 12 minutes, with a further journey time of about four minutes from the airport to the city centre.

Ultraspeed has done these projections on the basis of a maglev terminus near Queen Street station to one at Haymarket. An alternative would to be to add another link to Glasgow airport.

James explained how it works: "A few seconds before departure, the maglev levitates to float one centimetre above the guideway on an electro-magnetic cushion'. A rolling wave of electricity then propels the maglev to 125mph one minute after departure and its top speed of 311mph after only four minutes."

The maglev could be run on a guideway between five and 20 metres above ground level. A proposed route would take it alongside the M8 motorway.

While the proposal is for a new line to be built, James says that the impact on the landscape would be limited because it could be run along beside the motorway and that the land could retain its traditional usage around the pillars suporting the guideway.

James said that with existing electricity provision, maglevs would produce very low emissions, much lower than other forms of transport. But he added: "With the greener' electricity that will be produced in Scotland in future, maglev would become a virtually zero emission form of transport."

Ultraspeed's proposal is for the maglev scheme to be developed using a 30-year Public Private Partnership funding model. The suggestion is that the Scottish Executive pays developers an agreed "availability fee" when maglev is running on time and meeting efficiency targets.

In return the Executive would receive all the revenues generated by fare sales on the maglev - which would be offset against the public purse footing the bill for the project. Fares would be set just above existing ticket prices, perhaps about £9.50 each way.

James said Ultraspeed had projected that the availability payments would amount to between £200-£300m a year to be offset by revenues of between £100-150m a year, giving a net cost to the public purse of £50-£200m a year.

The idea of such a high-speed ground transport link between the two cities has received backing from Scottish Financial Enterprise in its briefing being sent to all current MSPs and those elected on May 3. The manifesto said it would "create an inter-connected financial service super-hub'" centred on Edinburgh and Glasgow.

Amanda Harvie, the SFE chief executive, says such a link would be "a transformational catalyst for economic and business growth in Scotland." She adds that SFE member companies would be happy to help in providing an innovative funding package for the project.