Hyundai Rotem secures 1st high-speed train export deal in Uzbekistan
TASHKENT, June 14 (Yonhap) -- South Korean train manufacturer Hyundai Rotem Co. signed a contract to supply high-speed trains to Uzbekistan on Friday during President Yoon Suk Yeol's state visit to the Central Asian nation, marking the first export of bullet trains built with homegrown technology.
The agreement was signed at a ceremony attended by Yoon and Uzbek President Shavkat Mirziyoyev following their summit at the presidential palace in Tashkent. It marks South Korea's first export of high-speed trains to a foreign country.
Under the deal worth 270 billion won (US$195.7 million), Hyundai Rotem will supply six high-speed trains, totaling 42 cars, to Uzbekistan Railways Corp., along with maintenance and repair services.
It marks the first export of high-speed trains developed using Korean technology in two decades since the introduction of the KTX train with French assistance in 2004.
"The deal marks South Korea's first export of high-speed trains developed with homegrown technology," Yoon said during a signing ceremony. "It is expected to contribute to the improvement of Uzbekistan's railway infrastructure and help enhance the bilateral cooperation in the railway sector."
The deal also raised hope for South Korean companies bidding in the transportation sector, including a highway project connecting the capital city of Tashkent to Andijan in Uzbekistan's eastern region. The Uzbek government plans to open the bid for the deal, estimated at $5.3 billion, later this year.
Transport Minister Park Sang-woo said exports of the homegrown railway system demonstrated South Korea's advanced capabilities in the field, setting eyes on the upcoming bids in the global market.
"The high-speed train market is anticipated to reach approximately 10 trillion won in 2026. Countries such as Morocco and Poland are expected to initiate bids to purchase high-speed trains," Park said in a press briefing in Tashkent.
Yoon's visit, accompanied by more than 60 business delegates, resulted in the signing of 17 deals, agreements and documents, according to the presidential office.
The Korea Railroad Corp. also signed a memorandum of understanding with the Uzbekistan Railways Corp. focused on operations, maintenance, technology exchanges and personnel training to bolster bilateral railway development.
South Korea and Uzbekistan inked a critical mineral partnership aimed at fostering comprehensive collaborations, from joint exploration to the final utilization of minerals.
In addition, an MOU was signed to modernize heating systems in Uzbekistan, and a document was endorsed to facilitate Uzbekistan's accession to the World Trade Organization to ensure stability for Korean companies operating in the region.
ejkim@yna.co.kr
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