KORAIL signs railroad cooperation pact with Kazakhstan

SEOUL, May 14 (Yonhap) -- South Korea's state-operated railroad corporation said
Thursday it has signed an agreement with Kazakhstan Railways that outlines broad
cooperative tie-ups and may lead to greater business opportunities in the future.
The memorandum of understanding signed in Astana by Korea Railroad Corp. (KORAIL)
President Huh Joon-young and his counterpart, Mamin Askar, calls for the joint
development of transcontinental railway lines and modernization of Kazakhstan's
logistics infrastructure.
It also makes provisions for KORAIL to participate in railroad construction and
operations in the Central Asian country, as well as the mutual development of
information technology systems that can improve rail operations.
"The deal is significant because Kazakhstan is rich in natural resources and
located along the main railway line crossing the Asian continent," a press
release said.
It added that with Astana taking active steps to develop its railroad
infrastructure, there could be considerable business opportunities in the
country, which could help South Korea market its KTX-II bullet trains abroad.
"KORAIL plans to carefully examine the feasibility of various projects and gauge
the fund-raising capability of the country, and engage in a package deal with
other South Korean companies to bid for business projects," it said.
The railroad corporation said Kazakhstan has released a plan to acquire 23,000
rail trucks, 500 locomotives and refurbish 3,000 km of existing railways by 2013.
yonngong@yna.co.kr
(END)