¿Qué significa that is expected to drastically cut transportation time and give a boost to local industries and other areas in Japan. ?

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Literally, to "boost" something is to "raise something by pushing or lifting it". E.g. a rocket can boost a spaceship = it pushes it upwards.

Figuratively, when you "boost the economy" or "boost an industry" or "boost someone's confidence", you raise it; you make it higher or bigger, you help it to develop, help it to be more successful.

"To give a boost" is the same as "to boost".

In the original sentence, it means that if transportation time is much smaller, then the local industries can compete better with similar industries in other places, so that's why the this change will help develop the local industry.